While much has been said and written about the effect of the 2002 Sarbanes-Oxley Act (SOX), one consequence of the new regulation that has been largely neglected is the law's dramatic impact on how audits are bought and sold in the United States. Prior to SOX, the process was clear and simple:...

Following the scandals involving Enron, WorldCom, and Qwest Communications, the accounting profession has spent the past several years trying to get back on track. While Sarbanes-Oxley may improve the decision-making of audit professionals, and help prevent future large-scale catastrophes that...