Should Provisions of the Sarbanes-Oxley Act of 2002 Apply to Local Governments in Order to Improve Accountability and Transparency?
Source: Valdosta State University
The Government Accounting Office recently issued revised guidelines to auditors on how to define and report on internal control weaknesses in government audits. However, it is believed that the internal control responsibility is being placed on the auditors, and not local government personnel. Perhaps the solution to improve oversight and accountability already exists - The Sarbanes Oxley Act of 2002 (SOX). This paper propose ways in which certain SOX provisions (e.g., certifications, audit committees) could be implemented by local governments in a cost effective manner to improve oversight, accountability and transparency without significant additional burden to taxpayers.