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| Author: | Fredriksson, A. Lindahl, F. |
| Title: | Did auditors need reforming? The need for SOX |
| Journal: | Liiketaloudellinen aikakauskirja
2009 : 1, p. 37-53 |
| Index terms: | auditing regulations USA Nordic countries Finland |
| Language: | eng |
| Abstract: | This paper considers whether increased government regulation (henceforth as: reg-n.), being the basis for the American Sarbanes-Oxley Act of 2002 (called as "SOX"), can be supported by economic analysis. Economic theory can be applied to evaluate whether the objective of improved financial reporting be cost-effective despite the lacking reported data on the costs and benefits of the reg-n. In addition, the effects of SOX in Finland (here as: F.) are studied. In F., only a few firms are required to comply with SOX. Other firms are free to choose whether to adopt or not. In the same way, the Finnish stock exchange regulators have been free to adopt provisions and to ignore others. SOX affects many aspects of audit practice. It is concluded that most, but not all, aspects would have been achieved more efficiently through market forces rather than legislative intervention. |
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