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the goals of the United States and the United Kingdom, which are to maximize shareholder profits Europeans, for the most part, met Sarbanes-Oxley with objections and proceeded to lobby for exemptions The finance ministers of the European Union oppose the requirement that foreign public accounting firms must register with the PCAOB, and called for the negotiation of a transatlantic mutual recognition agreement based on home-country control In a survey by LexisNexis, the majority of lawyers surveyed (700 worldwide) admitted that they are concerned about the impact of Sarbanes-Oxley on the legal profession1 They believe that clients will be fearful of being open and candid with their lawyers Only one in ten lawyers a considerably low number believes the Act will bring more honesty from corporate executives Lawyers in the United States fear they will not get the opportunity to work with lawyers abroad until those lawyers understand the Sarbanes-Oxley Act intimately According to LexisNexis, of 600 foreign attorneys surveyed, most were confused and uncertain of the effects of Sarbanes-Oxley and the SEC rules According to the LexisNexis report, lawyers from foreign countries are concerned that the Act will attempt to prevail over national regulatory authorities in their respective countries Ultimately, foreign issuers will likely have to adapt to the new regulations if they want to maintain access to the rich US capital market; a sacrifice most will be willing to make
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Future Two of the big questions relating to Sarbanes-Oxley are: 1 Will it restore public s faith in public accounting firms 2 Will it restore investors faith in public corporations Obviously, the hope is for an affirmative answer on both counts It is undeniable that the public lost faith in both institutions as a result of the enormous fraud perpetuated by some highly respected and well-regarded companies Though faith that the reforms will work is
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generally high, half of the executives surveyed said they believed it would take time to regain the public s trust This is as expected; the onus is on every employee of every public company and every accountant to govern themselves in accordance with the principles of honesty and integrity No one thinks that Sarbanes-Oxley will be an instant fix The last ten years dug a very, very deep hole, says Lynn E Turner, an accounting professor at Colorado State University and former chief accountant for the SEC Usually you aren t able to crawl out of a hole overnight It s a three- to five-year process 2 Sarbanes-Oxley has already had some positive effects Analysts reports usually recommended investors sell in 1 percent of the situations discussed; now that figure has increased to 20 percent This is a strong indication of more independence and less collusion between interested parties The percentage of shareholders winning proxy fights has also increased, and more shareholders brought motions against excessive compensation increases at companies annual general meetings Although the costs of compliance are high, in comparison to the astronomical losses suffered in the fall of Enron they are quite insignificant Many of the reforms were not legally required until well into 2005, or as far into the future as 2007, so the results of this revolutionary Act will take a few years to be thoroughly assessed Regardless, 81 percent of the CEOs of United States fastest growing companies believe the costs of compliance will only grow in the coming years
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ENDNOTES
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1 http://wwwlexisnexiscom/about/whitepaper/LexisNexis_Exec Summarypdf 2 http://wwwforbescom/technology/corpgov/2003/07/22/cz_af_ 0722sarbaneshtml
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CHAPTER
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n various polls and surveys of executives that have been conducted over the past few years, it has been observed that:
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An estimated 45% feel that Sarbanes-Oxley is a step in the right direction, but that compliance costs place an excess burden on companies An estimated 30% feel that Sarbanes-Oxley is a good start but is not sufficient in and of itself An estimated 15% feel that the Act was pushed through too quickly without enough consideration An estimated 10% feel that the Act is adequate to address the current accounting and reporting issues
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It is not surprising that legislation as revolutionary as SarbanesOxley produces divergent opinions, and it will take time to assess the actual outcomes and effects of the Act In general, based on various polls and surveys, about one-third of executives believe that SarbanesOxley will restore public confidence in the capital markets, while half think it will have no effect
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