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What happens if Sarbanes Oxley is repealed?

As the current presidential election cycle grows more heated, I've taken a closer listen to each of the presidential candidate's stance on many of the federal regulations (e.g., SOX, Dodd-Frank) that the Big Four audit practices are dependent upon for revenue. Most Republican candidates are proposing an immediate repeal of SOX, Dodd-Frank, and related legislations.

My questions is – what happens if a Republican candidate is elected and is successful in repealing these acts? What are the repercussions to the Big Four and to the thousands of employees within their audit practices? Will they be forced to implement lay offs to compenstate for lost revenue and work?