Politicians, regulators and analysts aren't the only ones scrutinizing Sarbanes-Oxley these days. A group of business students at Indiana State University included Sarbanes-Oxley discussions in their day-long seminar yesterday on business, public policy and corporate ethics.
The conference, organized by ISU students participating in the Networks Professional Development program, was designed to prepare students for the "actual ethical questions" they will face in the business world, reports Terre Haute News. Xavier University's Paul Fiorelli, who directs the school's Center for Business Ethics and Social Responsibility, delivered the keynote address. "Good ethics is good business," he told conference attendees.
Terre Haute accountant Earl Elliott addressed accounting fraud, noting that once fraud starts, it keeps getting bigger and bigger -- kind of like the increasingly complex lies one must tell to cover up what started as a "harmless white lie."
Consultant Larry Boulet joined Elliott and Indiana State Board of Accounts representative Michael E. Williams for a panel discussion on Sarbox, including the Act's unintended consequences. Among those consequences: Companies choosing to list with the London Stock Exchange over U.S. exchanges, or electing to go private rather than dealing with compliance requirements.