Abstract
The United States’ Sarbanes-Oxley Act 2002 requires all public companies in the US capital market to provide annual and periodic certification of the effectiveness of their internal controls system to the Securities Exchange Commission. It has contributed to the decline of the Wall Street share of the top-10 world capital market initial public offerings. This article outlines the framework then explains the justification of the Act before questioning whether revised implementation rules for an unpopular state intrusion in the market place can instruct corporate America about corporate responsibilities and accountabilities while limiting the apparent ‘loss’ of investments to the London capital market.
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