Sarbanes-Oxley Costs Exceed Benefits

coondoggie writes "Two years of compliance with the Sarbanes-Oxley Act (SOX) have shored up corporate accounting practices - but with lopsided costs compared to benefits gained. Bill Gradison, acting chairman of the Public Company Accounting Oversight Board (PCAOB), said that guidance the SEC issued last year and PCAOB's latest auditing standard may not be enough to clarify the rules that govern the reporting and auditing of internal controls. 'Based on the information we already have, it would seem that some further changes may be in order,' Gradison said."

Comments

In other news...

[Aquitaine]

High-level Corporate Executives agreed at a recent meeting with Other High-Level Corporate Executives that recent cookie-control legislation was inhibiting their ability to take cookies directly from the jar without telling anyone.

Oh no!

[TadZimas]

The thing designed to make it harder for companies to make money illicitly is preventing the corporations from making money?
Sweet merciful crap, that's obviously a poorly designed bill.

I think you are confused.

[Belial6]

I think you have gotten the words "Everybody" and "Somebody" confused.

404

[tehwebguy]

The SEC and PCAOB arranged the roundtable to solicit feedback about Section 404 of the legislation, which Could Not Be Found...

Re:Misleading summary

[HTTP Error 403 403.9]

Stop saying 'companies' like every mom and pop grocery has to do this. SOX only applies to publicly-held companies. And publicly-held companies had to be audited by an external auditor, even before SOX.

That's not fair, you are using facts and reasonable logic to prove your point.

This is Slashdot, please return to using hyperbole, straw man arguments and ad hominem attacks.