Since the Sarbanes-Oxley Act was passed in the summer of 2002, there has been a steady stream of criticism and objections from a wide range of players.

The business community claims the additional costs caused by SOX 302 and 404 are choking off much needed risk taking and profit creation. The Europeans—led by a very vocal Sir Digby Jones, director general of the Confederation of British Industry—claim that SOX is yet one more example of American imperialism and arrogance. Directors of U.S. listed companies are threatening to quit boards in droves to avoid the heightened accountability and personal liability. CFOs, ...