The Sarbanes-Oxley Act hasn't cleaned up the accountingpractices of corporate America enough to improve loss costs fordirectors and officers liability insurers, an accounting expertsaid here yesterday.
The legislation, officially known as The Public CompanyAccounting and Investor Protection Act of 2002, set rules ofcorporate governance and financial disclosure for public companies,as well as penalties for executives involved in corporate fraud, inthe wake of large corporate meltdowns like Enron.
But while Sarbanes-Oxley (SOX) “has cleaned up some of thetransparency and quality of earnings issues,” it's also creatingsome new ones, according to Marc Siegel, director of research forRockville, Md.-based CFRA, a forensic accounting firm.
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