Enron stepped on the greatest bankruptcy proceedings in U.S. history in December, 2001. After this event a corporate scandal will be continued. The reliance to a public stock market was made to confused and it became a cause of the rapid fall of a stock market. The accounts corruption case of many companies had a question to the structure and responsibility of a company which he has invested. Sarbanes-Oxley Act is passed by U.S. Parliament and it is signed by the President Bush on July 30, 2002. As soon as the law affects an accountant's regulation, a financial analyst's duty, etc., it has resulted in a big change to Corporate Governance.
The Corporate Reform Law(Sarbanes-Oxley Act) includes a wide range reform. It is as follows that it is main in it. ① Foundation of the Public Company Accounting Oversight Board(PCAOB) which watches an accounting process, ② Addition of the new requirements for independency reservation of being the audit committee and auditor of a company, ③ The ban on offer of non-inspecting business, such as consulting to an auditor's customer, ④ At ordering things for what is attested to the accuracy of a corporate financial statement to a chief executive officer(CEO) and the highest finance officer(CFO), ⑤ An internal control system is established so that accuracy of financial data may be made security, ⑥ It is required that fixed dealings account book outside should be indicated and ⑦ It is restricting a company doing individual loan to an director etc.
Regulations of the U.S. Corporate Reform Law(Sarbanes-Oxley Act) concerning corporate governance had big influence on each country and our country. The signature system by the manager for bona-fides reservation of a filing with information on the securities being offered like as prospectus, the internal accounting management system of a company, an auditor's independency strengthening system, a class action system, etc. are such an examples. U.S. Corporate Reform Law is considered by affecting the company related legislation of our country continuously in the future. At least, the corporate governance system concerning accounts transparency i.e., an inspector, and a audit committee and various kinds of systems concerning independency of an auditor may protect the refits protection of the investor and the reliance of the investment market. It can recognize that the improvement of accounts transparency having carried out indispensable.