Is Sarbanes-Oxley important? 

In March 2005, a Google search for "Sarbanes-Oxley" counted over 2,000,000 hits.  So, if not important, Sarbanes certainly is topical.  Actually, it is very important for public companies and sets a new standard for privately held companies of any size.

There is a good summary of Sarbanes-Oxley at http://fmcenter.aicpa.org/Resources/Sarbanes-Oxley%20Act/Summary%20of%20the%20Provisions%20of%20the%20Sarbanes-Oxley%20Act%20of%202002.htm.  Notice the specific rules and restrictions involving CPAs.

One provision leaps from Title VIII: Corporate and Criminal Fraud Accountability Act of 2002,  "It is a felony to 'knowingly' destroy or create documents to 'impede, obstruct or influence' any existing or contemplated federal investigation."  Putting aside questions of constitutionality, this is a powerful incentive to review the quality and integrity of all company information.

Another important provision is found in Section 409: 
Real Time Disclosure.  Issuers must disclose information on material changes in the financial condition or operations of the issuer on a rapid and current basis.  This section may be designed to limit the time available to "rethink" the books, but should also encourage business people to implement the commonly accepted best practice ... a fully integrated, real-time business information system.