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Implementation of the Sarbanes–Oxley Act of 2002 S. HRG. 108–840 IMPLEMENTATION OF THE SARBANES–OXLEY ACT OF 2002 HEARINGS BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED EIGHTH CONGRESS FIRST SESSION ON THE DRAMATIC CHANGE ACROSS THE CORPORATE LANDSCAPE TO RE- ESTABLISH INVESTOR CONFIDENCE IN THE INTEGRITY OF COR- PORATE DISCLOSURES AND FINANCIAL REPORTING SEPTEMBER 9, 23, AND OCTOBER 2, 2003 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http://www.access.gpo.gov/congress/senate/senate05sh.html U.S. GOVERNMENT PRINTING OFFICE 99–603 PDF WASHINGTON : 2005 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2250 Mail: Stop SSOP, Washington, DC 20402–0001 VerDate 11-MAY-2000 17:35 Jun 08, 2005 Jkt 000000 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 99603.TXT SBANK4 PsN: SBANK4 COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS RICHARD C. SHELBY, Alabama, Chairman ROBERT F. BENNETT, Utah PAUL S. SARBANES, Maryland WAYNE ALLARD, Colorado CHRISTOPHER J. DODD, Connecticut MICHAEL B. ENZI, Wyoming TIM JOHNSON, South Dakota CHUCK HAGEL, Nebraska JACK REED, Rhode Island RICK SANTORUM, Pennsylvania CHARLES E. SCHUMER, New York JIM BUNNING, Kentucky EVAN BAYH, Indiana MIKE CRAPO, Idaho ZELL MILLER, Georgia JOHN E. SUNUNU, New Hampshire THOMAS R. CARPER, Delaware ELIZABETH DOLE, North Carolina DEBBIE STABENOW, Michigan LINCOLN D. CHAFEE, Rhode Island JON S. CORZINE, New Jersey KATHLEEN L. CASEY, Staff Director and Counsel STEVEN B. HARRIS, Democratic Staff Director and Chief Counsel DOUGLAS R. NAPPI, Deputy Staff Director BRYAN N. CORBETT, Counsel MARTIN J. GRUENBERG, Democratic Senior Counsel DEAN V. SHAHINIAN, Counsel STEPHEN R. KROLL, Special Counsel JOSEPH R. KOLINSKI, Chief Clerk and Computer Systems Administrator GEORGE E. WHITTLE, Editor (II) VerDate 11-MAY-2000 17:35 Jun 08, 2005 Jkt 000000 PO 00000 Frm 00002 Fmt 0486 Sfmt 0486 99603.TXT SBANK4 PsN: SBANK4 CONTENTS TUESDAY, SEPTEMBER 9, 2003 Page Opening statement of Chairman Shelby ................................................................ 1 Opening statements, comments, or prepared statements of: Senator Sarbanes .............................................................................................. 3 Senator Crapo ................................................................................................... 3 Senator Santorum ............................................................................................ 4 Senator Dole ...................................................................................................... 5 Prepared statement ................................................................................... 31 Senator Bayh .................................................................................................... 5 Senator Stabenow ............................................................................................. 16 Prepared statement ................................................................................... 31 Senator Corzine ................................................................................................ 18 Senator Dodd .................................................................................................... 20 Senator Schumer .............................................................................................. 23 Senator Carper ................................................................................................. 25 Senator Enzi ..................................................................................................... 32 WITNESS William H. Donaldson, Chairman, U.S. Securities and Exchange Commission . 6 Prepared statement .......................................................................................... 33 ADDITIONAL MATERIAL SUPPLIED FOR THE RECORD The Wall Street Journal article, by Michael Schroeder, ‘‘Cleaner Living, No Easy Riches,’’ submitted by Senator Paul S. Sarbanes, dated July 23, 2003 . 48 Letter from Senator Debbie Stabenow to William H. Donaldson, Chairman, U.S. Securities and Exchange Commission, dated August 5, 2003 ................. 51 Letter from William H. Donaldson, Chairman, U.S. Securities and Exchange Commission to Senator Debbie Stabenow, dated September 3, 2003 .............. 55 Chicago Tribune article, by Ameet Sachdev, ‘‘New Rules No Bar to Mergers in Accounting,’’ submitted by Senator Christopher J. Dodd, dated August 11, 2003 ................................................................................................................. 60 Memo from the Division of Enforcement, U.S. Securities and Exchange Com- mission on the SEC’s Enforcement Activities Since Passage of the Sar- banes-Oxley Act of 2003, submitted by William H. Donaldson, Chairman, U.S. Securities and Exchange Commission, dated October 29, 2003 .............. 62 TUESDAY, SEPTEMBER 23, 2003 Opening statement of Chairman Shelby ................................................................ 65 Opening statements, comments, or prepared statements of: Senator Enzi ..................................................................................................... 66 Senator Dodd .................................................................................................... 68 Senator Reed ..................................................................................................... 69 Senator Corzine ................................................................................................ 77 Senator Sarbanes .............................................................................................. 78 (III) VerDate 11-MAY-2000 17:35 Jun 08, 2005 Jkt 000000 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 99603.TXT SBANK4 PsN: SBANK4 IV Page WITNESSES William J. McDonough, Chairman, Public Company Accounting Oversight Board ..................................................................................................................... 69 Prepared statement .......................................................................................... 96 Samuel A. DiPiazza, Jr., Chief Executive Officer, PricewaterhouseCoopers ...... 82 Prepared statement .......................................................................................... 102 Edward Nusbaum, Chief Executive Officer, Grant Thornton, LLP .................... 84 Prepared statement .......................................................................................... 110 Sean Harrigan, President, Board of Administration, CalPERS .......................... 86 Prepared statement .......................................................................................... 115 Sarah Teslik, Executive Director, Council of Institutional Investors .................. 89 Prepared statement .......................................................................................... 118 THURSDAY, OCTOBER 2, 2003 Opening statement of Chairman Shelby ................................................................ 121 Opening statements, comments, or prepared statements of: Senator Sarbanes .............................................................................................. 136 Senator Allard ................................................................................................... 139 Prepared statement ................................................................................... 169 Senator Corzine ................................................................................................ 141 Senator Carper ................................................................................................. 143 Senator Dodd .................................................................................................... 147 WITNESSES Peter G. Peterson, Co-Chairman, the Conference Board Commission on Public Trust and Private Enterprise, Chairman and Co-Founder, Blackstone Group ................................................................................................. 123 Ralph Larsen, Former Chairman of the Board and Chief Executive Officer, Johnson & Johnson .............................................................................................. 127 Charles A. Bowsher, Former Chairman, Public Company Accounting Oversight Board ................................................................................................... 129 Prepared statement .......................................................................................... 169 Paul A. Volcker, Former Chairman of the Board of Governors, Federal Reserve System .................................................................................................... 132 Prepared statement .......................................................................................... 172 Brian P. Anderson, Senior Vice President and Chief Financial Officer, Baxter International, Inc. ................................................................................................ 152 Prepared statement .......................................................................................... 175 John J. Castellani, President, The Business Roundtable ..................................... 154 Prepared statement .......................................................................................... 178 Keith D. Grinstein, Chairman, Coinstar, Inc. ....................................................... 155 Prepared statement
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