This
paper looks at the Sarbanes-Oxley
Act that was enacted in order to rectify the constant
corporate scandals, fraud, and failures sweeping across the United States. The paper discusses the purpose of the Act, outlines its contents, explains exceptions to the Act that apply to foreign companies, and includes a timetable chart for its implementation. Issues such as
independence and corporate responsibility, independence within the accounting profession, accountability and disclosure, and how the Act affects banking organizations that are non-public are also discussed in this paper.