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

CEOs hate rules against stealing. Whodda thunk it.

[leftie]

CEOs are whining about laws that prevent them from looting millions. Couldn't have see that one coming, huh?

In other breaking news...

Murderers say the costs of laws preventing murder exceed the benefits.