The senior executives take individual responsibility for the accuracy and completeness of corporate financial reports. It is the interaction of external auditors and corporate audit committees, and specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports. It enumerates specific limits on the behaviors of corporate officers and describes specific forfeitures of benefits and civil penalties for non-compliance. The Section 302 of Sarbanes Oxley Act requires that the company's "principal officers" including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) certify and approve the integrity of their company financial reports quarterly.

It further enhanced reporting requirements for financial transactions, including off balance- sheet transactions, pro-forma figures and stock transactions of corporate officers. It requires internal controls for assuring the accuracy of financial reports and disclosures, and mandates both audits and reports on those controls. It also requires timely reporting of material changes in financial condition and specific enhanced reviews by the SEC or its agents of corporate reports.

In the future, investors will see new reports from management and auditors about whether adequate internal control over financial reporting is in place. This information is important to investor. Then the investor place a much higher premium on the Shane price of those companies which made a effective internal control over its financial reporting.