미국 기업회계개혁법과 소규모상장회사
Sarbanes-Oxley Act of U.S. and Small Public Corporation
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Abstract
In recent years, the topic of corporate scandals has become highly discussed as a result of the substantial fraud and resulting failures of many large corporations in U.S. As these corporate scandals effected a destructive impact on the public securities market through negative beliefs held by investors regarding unreliability of corporate managers, uncertainty as to the truth of the accounting representations of companies, and insecurity in the market, government regulators were determined to implement regulations to restore the public's confidence in the marketplace. Therefore, Congress and the SEC began debating the appropriate approach to regulating public companies. However, since U.S. Congress hurriedly enacted the Sarbanes-Oxley Act in an attempt to quickly address the problems within corporate America, the Act has resulted in numerous presumably unintended consequences caused by Congress's failure to fully deliberate over the resulting effects of the regulation. Thus, while the Sarbanes-Oxley Act focuses on reducing the amount of corporate fraud and accounting misrepresentations by holding corporate executives and the members of the board of directors personally liable for the company's accounting procedures, it, in turn, may result in the unintended consequence of disproportionately burdening small public companies. This paper reviews those aspects of the Sarbanes-Oxley Act that are burdening small public companies, explores the effects that the Sarbanes-Oxley Act is having on small companies in the public market, discusses whether small public companies should be required to comply with the Sarbanes-Oxley Act. And then, it explores Korean efforts for the accounting reforms through analysing some revised or newly enacted provisions and suggests some requirements for successfully regulating the capital market.
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