Sarbanes what? The landmark legislation passed last year in response to rampant accounting misdeeds has disappeared from the headlines but continues to be a thorn in the side of fund executives and accounting personnel.

The Sarbanes-Oxley Act has taken a back seat to the likes of Rep. Richard Baker's (R-La.) Mutual Fund Integrity and Fee Transparency Act of 2003 and, more recently, the potential makings of the largest scandal ever to plague the fund industry. Throw in the biggest settlement in the history of Wall Street, the $1.4 billion top 10 brokerages paid for their misdeeds, along with the Patriot Act, and Sarbanes-Oxley is seemingly old laundry.

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