How’s this for an understatement: “There has developed what seems to be an overemphasis on certain additional or duplicative levels of documentation, with a declining value in terms of how much that additional documentation would add to the effectiveness of internal control.”
That’s according to Arnie Hanish, the chief accounting officer of Eli Lilly and Co., who testified before a U.S. Senate committee hearing in September on the impact of The Sarbanes-Oxley Act of 2002.
