Four major changes have taken place following these scandals. First, the nature of the audit industry has changed. Three of the Big 4 audit firms have either divested or publicly announced plans to divest their consulting businesses. 2 Second, Arthur Andersen, formerly one of the Big 5 audit firms, has gone out of business. Third, in July 2002, President George W. Bush signed the Sarbanes-Oxley Bill (also known as the Corporate Oversight Bill) into law. This law imposes a number of corporate governance rules on all public companies with stock traded in the United States. Finally, in November 2003, the New York Stock Exchange (NYSE) and NASDAQ adopted.