Sarbanes Oxley Wikipedia
sarbanes oxley wikipedia
Business Intellectuals Only. What do you guys think about the Sarbanes Oxley Act?
It was basically needed because of Enron and Worldcom right?
Why was it needed?
What was the Impact of it?
-I’m sure it was correlated with government, business, and society.
Do you guys think it’s good or bad?
I want to hear your word on this, not some simple Wikipedia defition.
Oh yeah, do I have opinions about this one! I think it is overkill. This business about the CEO and CFO certifying and signing something that says the financial statements are correct is silly. This had always effectively been in place for audited companies and it was called a “client representation letter.” If somebody’s character was such that he was lying when signing a client representation letter, guess what he is going to do with respect to the new letter?
Like many things in business and politics, the pendulum has swung too far the other way. Yes, Enron and Worldcom are what brought this on, but now it has just made the entire accounting process and the efficiency of capital markets much less efficient. The intent was good, but the actual impact is entirely too overbearing. One could call it the “Full Employment Act for Accountants and Auditors.” I was in public accounting years ago and that was bad enough. In the new environment, no wonder the Big Four firms can’t find or keep staff. Being an accounting firm is a hassle now and we have those Andersen guys in Houston, who apparently had no backbone, to thank for it.
The intent was good. The execution and results have been bad. But we keep thinking we can legislate character.
BattleCity – Fresh Sox v Subsonic
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United States corporate law: Sarbanes-Oxley Act, Delaware General Corporation Law, Regulation S-K $14.14 Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 25. Chapters: Sarbanes-Oxley Act, Delaware General Corporation Law, Regulation S-K, Investor Protection and Securities Reform Act of 2010, Corporate law in the United States, Foreign corporation, Nevada corporation, Professional corporation, Duty of care, Model Bus… |
