Essay: Proposed Solutions for Sarbanes Oxley Act
Aside from this the PCAOB, as provided earlier, serves the purpose of being a monopoly controlling the firms. The PCAOB has come out as being a party having vested interests in its own right and needs to be curtailed as it is not entirely required and simply adds costs and complexity to the compliance with the Sarbanes Oxley Act.
The PCAOB is unnecessary and should be taken out from the Sarbanes Oxley Act as it does not bring anything new to the table. The precedents and rules provided by it have already been established by the SEC prior to the establishment of the Sarbanes Oxley Act. The Sarbanes Oxley Act can also be reevaluated to reduce the incentives of the executives in the corporate industry to seek out legal advice as it only allows them to find and determine new and different ways to avoid complying with the Sarbanes Oxley Act acting on the present loopholes in the SOX.
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