Posted on 02/19/2009 7:14:12 PM PST by Liberatio
The provisions of SOX has changed the behavior of senior corporate executives and accounting professional in the way business is practiced by publicly traded and financed companies. Some companies comply while others try to find ways around it much like politicians try to avoid following legislation they help to create. For some people it gives them a calmer state of mind because they think this legislation will stop some behavior from occurring. Politicians did something to appease the public who may not understand accounting principles and un-savvy investors.
(Excerpt) Read more at ircforex.com ...
Seems to be a fairly common position. Something was probably necessary, but SOX wasn’t very well designed.
It never seems like enforcing the current laws are ever enough.
Does anyone else find it odd that Sarbannes-Oxley, which was supposed to prevent CEO’s from doing dastardly deeds with their company’s and stockholders’ money, didn’t do a blessed thing to prevent all those financial institutions from going belly up last year?
Great point. I have not thought of that before.
The Senate / House and the Executive branch should be subjected to their own version of SOX controls... with someone signing on the dotted line attesting to truth/transparency and accuracy...
... problem is that if it were law, the thugs in D.C. would overtly break it and tell all the sheeple to eat cake.
Whooo boy oh boy... You’ve precisely nailed one of my hot buttons there. :-)
I believe I am on record, and at length, here on this board saying exactly that thing from the beginning of the SOX madness. (Or as I call it: The Full Employment for Consultants And Lawyers Act, or FECAL for short).
SOX is an utter and complete waste of time and money. A well-run company doesn’t need it, and a poorly run company won’t be fixed by it.
It makes the singular mistake of making companies devise internal controls to fit the needs of the audit, instead of controls to fit real business purposes.
I wondered about that too.
Too right! Folks who are looking to fleece folks will find a way to do it.
SirKit's sister has to do SOX reports for her bank, and she absolutley HATES it!
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