The Sarbanes-Oxley Act has succeded. The Sarbanes-Oxley has improved confidence in the American financial system and for investors in companies. The Sarbanes-Oxley Act has made strict laws for reporting financial information accurately and increasing penalties for any fraudulent activities by company accountants. It also promotes independent auditing to ensure the accuracy of company data.
It opened up many different loopholes for companies. Lehman Brothers is a perfect example of what you use these loopholes for, by exagerating asset values. Its just another long line of systems that people can take advantage of and cook their books. It needs to be amended in a way that closes these loopholes.
I believe the Sarbanes-Oxley Act has been a success and it is something that benefits the country rather than hinder it. The act is mostly comprised of rules that make it more difficult for corporations to falsify financial information. I believe those who criticize the legislation are simply bothered by the additional checks and regulations the act creates. It may impede business practices, but not practices that are worth saving.
The Sarbanes-Oxley Act helped make publicly-traded companies more open about their finances. The act places responsibility for a company's finances ultimately up to senior executives including the CEO and CFO of major corporations. The law also means more financial disclosures are required for SEC filings. The law has done good things for investors who want to put more money into stocks for various companies.
I believe the Sarbanes-Oxley act has succeeded. Accountants and financial employees for their respecitve companies are now required by law to be compliant to these laws. This has created a better more structured system for businesses with strong penalties for lying and taking advantage of shareholders for the betterment of their investments.