Most would agree that the accounting industry needs more regulation. However, if the
provisions of the recently passed Sarbanes-Oxley Act are adequately and legitimately enforced,
more independent audits will definitely ensue. Many of the requirements of the new law were
once advocated by opponents of mandatory rotation as alternatives. These include the use of
audit committees, the elimination of nonaudit services provided with the audit, the change of
who the auditor reports to, and stronger sanctions and penalties. Nevertheless, if even more
regulation in addition to what the new law provides is required, some other policies should be
considered.