Imagine youre a portfolio manager in 2002. You bump your head on a doorway in a leap for joy upon the signing of the Sarbanes-Oxley Act, the law that was a response to Enron and other accounting scandals, and sink into a 13-year coma.
That act should have ushered in a new era of corporate honesty and accountability to shareholders in terms of corporate accounting and the auditing profession. It created the Public Company Accounting Oversight Board (PCAOB) to oversee auditors and their work. It provided stable, independent funding for the Financial Accounting Standards Board (F