In the latter half of 2002, finance and accounting outsourcing (FAO) took an unexpected turn. Prompted by several major corporate accounting scandals, American lawmakers passed the Sarbanes-Oxley Act of 2002, which imposed new rules regarding a company's financial integrity and its public disclosure of auditing practices. The law affects US companies, and any multinational company doing business in US that has to file SEC reports. The law requires that senior management personally attest to the veracity of company accounts and prohibits consulting practices with conflicts of interest. That impacts the practice of outsourcing the internal audit function, especially if it is bundled with other F&A functions to one provider.
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