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Would a UK Sarbanes-Oxley improve director accountability?

Reform of the UK audit market is long overdue with the tripartite Kingman, Brydon and CMA reviews still not implemented. Katharine Bagshaw FCA asks whether a UK version of Sarbanes-Oxley (SOX) would work with its harsh penalties for lack of corporate oversight 

The US Sarbanes-Oxley (SOX) Act of 2002 makes CEOs and chief financial officers (CFOs) personally liable for the effectiveness of internal controls over financial reporting in the US.

In the UK, such responsibilities are still the collective responsibility of the Board. Maybe not for long, if those who would like to see a SOX-style regime in the UK have their way. But the real teeth of that regime probably lie in the criminal penalties attached to non-compliance.   

In the US, corporate executives were seen being walked away, handcuffed, long before SOX was introduced, but they usually stood accused of fraud.

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