Several provisions of SOX have been adopted in countries
worldwide, which lends credibility to SOX and its intended
purpose of protecting investors.
Adopted provisions by other countries, including Australia,
Canada, China, India, and Mexico, are executive certification of
financial statements, mandatory audit committees consisting of
all independent directors, creation of standard setting bodies
similar to the PCAOB in regulating the auditing profession, the
rotation of audit partners and audit firms, and executive
certification of ICFR without requiring an audit opinion.
State laws generally affect corporate governance by setting
requirements for companies’ directors and officers. There is no
uniform body of corporate law in the United States because
each state is allowed to establish its own model.
The judicial process and court decisions in several landmark
cases have affected the structure of corporate governance in
the United States. Many of the court cases have led to
increased accountability and liability for a company’s board of
directors.
By establishing listing standards for their listed companies, SROs
including stock exchanges can also influence corporate
governance.
List of self-regulatory organizations