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The Sarbanes-Oxley Act: Legal Implications and Research Opportunities

Stephen Kwaku Asare
University of Florida - Fisher School of Accounting

Lawrence A. Cunningham
George Washington University Law School

Arnold Wright
Northeastern University - Accounting Area



Boston College Law School Research Paper No. 122
Research in Accounting Regulation, Vol. 19, 2006

Abstract:     
Congress passed the Sarbanes Oxley Act to restore investor confidence, which had been deflated by massive business and audit failures, epitomized by the demise of the Enron Corporation and Arthur Anderson LLP. The Act altered the roles and responsibilities of auditors, corporate officers, audit committee members, as well as other participants in the financial reporting process. We evaluate the potential legal implications of some of the Act's major provisions and anticipate participants' likely responses. Our evaluation suggests that these provisions will significantly change behavior, increase compliance costs and alter the legal landscape. We also identify promising avenues for future research in light of the new landscape.

Keywords: Sarbanes-Oxley Act, legal implications, future research

JEL Classifications: G38, G34, M41, M49

Accepted Paper Series

Date posted: November 28, 2006 ; Last revised: July 15, 2008

Suggested Citation

Asare, Stephen Kwaku, Cunningham, Lawrence A. and Wright, Arnold, The Sarbanes-Oxley Act: Legal Implications and Research Opportunities. Boston College Law School Research Paper No. 122; Research in Accounting Regulation, Vol. 19, 2006. Available at SSRN: http://ssrn.com/abstract=947356


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Contact Information

Stephen Kwaku Asare (Contact Author)
University of Florida - Fisher School of Accounting ( email )
Warrington College of Business
PO Box 117166
Gainesville, FL 32611-7166
United States
352-392-5860 (Phone)
Lawrence A. Cunningham
George Washington University Law School ( email )
2000 H Street, N.W.
Washington, DC 20052
United States
202-994-0732 (Phone)
Arnold Wright
Northeastern University - Accounting Area ( email )
406 Hayden Hall
United States
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