After the Enron saga and a number of other such cases, including WorldCom and Adelphia Communications, there was a great deal of panic and anxiety in the minds of the investors. There was a general level of distrust regarding the US economy and this was emphasized by Senator Sarbanes as he commented that ‘the Senate Banking Committee undertook a series of hearings on the problems in the markets that has led to a loss of hundreds and hundreds of billions, indeed trillions of dollars in market value’ (Lucas, 2004).
For the purpose of applying stringent regulations to financial reporting, Senator Paul Sarbanes and Representative Michael G. Oxley presented guidelines for financial reporting which were approved by Congress and signed by then President George W. Bush to bring into existence the Sarbanes Oxley Act 2002 (referred herein as ‘SOX’).
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