It's A Job For Labor - The SEC Isn't The Only Agency Enforcing Sarbanes-Oxley
Financial irregularities in the past have called for an establishment of a new paradigm in corporate governance realm. The key to the new culture is the understanding that the primary responsibility of the company board and management is to protect and enhance the shareholder?s value in the company. The Act seeks to re-define financial transactions and audit management in organizations. The Act incorporates several penalties for defaulting on any of the provisions of the same. The paper argues that besides the Securities and Exchange Commission (SEC), it is the job of the Labor Department to see that the provisions of the Act are followed. The paper examines the Act from the labor point of view.