The rise of the internet age and the bubble economy that was formed as a result of technology and the superior performance of the energy stocks in the stock market and the eventual decline after the dawn of the new century revealed various failures in corporate governance. The stock market was in grips of scandals and all criticism was targeted towards the public audit firms.
These failures resulted in a debate that the flaws in corporate governance were not the sole responsibility of those involved in auditing. Also responsible was the lack of solid laws and legislation regarding corporate governance which created weaknesses for the audit process (Coenen 2006).
SOX 2002 was brought ‘to protect investors by improving the accuracy and reliability of corporate disclosure’ (Rezzy 2007) Nevertheless, a great burden is placed on the accountant so that their degree of involvement is reduced. Corporations are also under pressure to step up their internal control procedures and systems of reporting.
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