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