When Peregrine Financial collapsed earlier this month, a nagging question resurfaced. As in the implosion of Lehman Brothers, the fall of Bernard Madoff and other cases in recent years, many asked: Where were the accountants?
That this question still arises could be seen as an indictment of the 2002 Sarbanes-Oxley law, enacted 10 years ago on Monday. The law was a response to accountants’ failures to sound the alarm about financial misconduct at Enron Corp, WorldCom and a host of other companies.
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