Happy Birthday Sarbox!

Ten years ago, Sarbanes-Oxley, better known as Sarbox, was enacted into law. Experts say that for the most part, Sarbox is working. The law has strengthened accounting and helped reduce the likelihood of another Enron-sized book-cooking meltdown. Although Sarbox requires financial statement certification by executives, only a handful of criminal charges have been filed for violations, but over 200 civil cases have been filed under the law. Another indication of Sarbox's success is that restatement of financial reports has dropped from 1,790 in 2006 to around 790 for the past two years.