1

Compliance Function

Introduction

The wave of financial scandals at the turn of the twenty-first century and their persistence in recent years, coupled with the perceived inadequacy of market correction mechanisms, significantly eroded investor confidence and corporate governance effectiveness. The Sarbanes-Oxley Act of 2002 (SOX) and the Dodd-Frank Act of 2010 (DOF) were enacted in efforts to rebuild investor confidence and improve corporate governance, and the safety, integrity, and efficiency of the capital markets. More than 15 years after the passage of the SOX and 7 years after the enactment of the DOF, the efficacy and sustainability of both acts and their impacts on corporate governance effectiveness have been challenged. This chapter ...

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