The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Shock positive response to Sarbanes-Oxley from PwC

PricewaterhouseCoopers today underscored the positive impact the Sarbanes-Oxley Act has had on the capital markets and investors confidence. PwC Global CEO Samuel A. DiPiazza, Jr., who participated in the SEC's April 13th Roundtable on Section 404, said: "The Act brought about three important improvements for the capital markets:

"First, it fundamentally created a shift in governance from the executive suite to the board room. Directors, particularly those serving on audit committees, are much more engaged, knowledgeable and empowered to act on behalf of investors.

"The auditing profession now has independent oversight, a change with far-reaching implications as audit firms are subject to independent inspections and rule-making.

"Third, there has been a significant increase in the transparency of financial reporting due in large part to Section 404. These important changes are only beginning to be realized and I am confident that they will continue."

In its written submission to the SEC, PwC also pointed out that the Sarbanes-Oxley Act helps lower inherent risk in the

US capital markets, enhancing investor confidence and resulting in more efficient allocation of capital.

While cost of compliance with Section 404 was a central theme during the roundtable, PwC's participants reinforced that more time was needed to gather and fully evaluate the data in order to accurately reflect the benefits of enhanced internal controls.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree