| ▲ | otterley 9 hours ago | |
The reason for strong auditing and personal attestation is because left to their own devices, some companies will produce bullshit and hoodwink investors. Blame Enron. https://www.britannica.com/topic/Sarbanes-Oxley-Act Like the building and electrical code, these regulations were written in blood. | ||
| ▲ | throw0101c 9 hours ago | parent [-] | |
> The reason for strong auditing and personal attestation is because left to their own devices, some companies will produce bullshit and hoodwink investors. Blame Enron. Except Enron's results were audited. By (now defunct) Arthur Anderson: * https://en.wikipedia.org/wiki/Enron_scandal * https://en.wikipedia.org/wiki/Arthur_Andersen#Collapse The auditing already existed and didn't stop Enron (or WorldCom; see also the silliness of GE under Jack Welch). Sure SOx added more rules, but it's not like folks were flying without a net before. | ||