Is Sarbanes Oxley dead?
We have just witnessed the biggest heist in the history of the world, involving trillions of dollars, perhaps plunging our economic world into a long and painful depression. However, despite all of the fraud committed by CEOs in the financial industry, not one has been indicted and sentenced to prison even though the Sarbanes Oxley Act provides for imprisonment of up to five years for CEOs having done such.
Is there a problem with the Sarbanes Oxley Act? Or is the problem much deeper and widespread. Recently Steve Kroft interviewed Larry Brewer, the head of the Criminal Division of the United States Justice Department, about Sarbanes Oxley. Larry Brewer characterized Sarbanes Oxley as just one tool that the Division has in its arsenal of weapons to fight fraud. But in spite of this Act, the number of financial fraud investigations has decreased by 57% since 1999, even though thousands of financial service employees may have been involved in the biggest heist in our world's history.
For more on this subject, please see the article, Is Sarbanes Oxley dead? Why are financial fraud investigations down 57% after the biggest financial fraud in our country's history?
The Barefoot Accountant—is a Certified Public Accountant, Certified QuickBooks ProAdvisor, operating an accounting, tax, and QuickBooks consulting firm in Berlin, Connecticut, Accountants CPA Hartford, Connecticut, LLC. Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission. Bill is a crazed animal lover, feeding birds, squirrels, chipmunks, skunks, possums, stray cats, and any two-legged or four-legged critter traversing through his yard. His backyard in Berlin, Connecticut has been certified as a habitat suitable for wildlife by the National Wildlife Federation.
Bill also writes an Accounting, QuickBooks, and Tax blog: Accounting, QuickBooks, and Taxes by the Barefoot Accountant. For entertaining articles, please see his listing at The Amazing Brighenti.