Since the Sarbanes-Oxley Act (SOX) of 2002, banks have re-established their reporting process to avoid unnecessary penalties. They have also repurposed their operations to reap SOX attestation and compliance benefits. The latest approach that SOX brings to banks is the trust level created in the market. For the banks that plan to go public, SOX brings a significant hike to their IPO.
Despite the initial costs of the internal control mandate, the evidence shows significant benefits to banking sy
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