... institution-alisation of the US equity market has made accountability to shareholders a 44Robert Clark, ‘Corporate Governance Change in the Wake of Sarbanes Oxley Act’, DiscussionPaper 52 5, Harvard Law ... adaptthe system, not to speak of the audit costs which have more than doubled as a result.American commentators maintain that the SOX 404 approach of annualassessment, attested to by the auditors, ... for maintainingeffective internal control, an annual assessment and audit against a detailed‘internationally recognised’ benchmark increases legal risk to an extent thatgoes far beyond what...