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, controllers and tens of thousands of employees working on compliance projects are wilting under the heavy initial SOX workload. And technical papers written by dozens of corporate governance experts—including one I authored that was featured here in Compliance Week—have outlined numerous... To get the full story, subscribe now.
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