Legal

The Impact of the Sarbanes-Oxley Act on Australian Listed Firms

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Executive Summary

In the wake of a series of corporate and accounting scandals, the US government enacted the Sarbanes-Oxley Act (2002) (SOX) to improve corporate governance practices. Significantly, foreign registrants traded on US stock exchanges are also required to comply with SOX. This study assesses the incremental impact of the SOX legislation by examining changes in the audit fees and Non-Audit Services (NAS) fees on Australian firms with foreign registrant status in the US from 2001 to 2005, compared with the change in these fees for other Australian firms.

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