Quigley acknowledged the significant cost and difficulty of Section 404 compliance. Despite the degree of difficulty, Quigley called for completing one full implementation cycle before arguing for change. "When that is behind us next spring, all stakeholders -- companies, regulators and auditors -- should seek to identify possible improvements and efficiencies for year two and beyond."

In a speech to an audience of business leaders, students and the media at the Millenium Biltmore, Quigley said compliance with the new laws and regulations is required but will not be enough. The new age demands "principle-centered leadership and a values-based approach to individual action."

Quigley summarized a survey of high school students conducted in conjunction with Junior Achievement. In the survey, students were asked "would you act unethically if you were sure you would never be caught?" Fifty-five percent of the students responded "yes," or "they were not sure."

Concerned that the survey may reflect the attitudes of individuals in corporate America, "It is apparent that the New Age of Accountability must have strong legislative measures -- regulation that requires transparency in financial reporting, aided by effective inspection and control systems," he noted.

In explaining the requirements for a values-based age, Quigley said that the New Age of Accountability requires four critical elements: people of character, values-based individual involvement, an enlightened corporate culture and strong legislative measures. "To reach its promise, the New Age of Accountability requires people of integrity to have the courage to lead and the character to act -- supported by a culture of reinforcing values."

In closing, Quigley told the audience, "Our day requires boldness to proclaim and foster an environment where principled leadership is not only welcome but demanded.

"It is precisely because our time requires character, accountability and responsibility that I am optimistic," he concluded.