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August 07, 2012

Comments

Robert F. Kelley

Perhaps I am both excited and amazed with the MARS landing of "Curiosity". I confess to both! Returning to the world of financial reporting and assurance. The crowd responsible for "Sarbox" would have difficulty finding MARS with a powerful telescope...much less of a chance of designing a method of analyzing what they had found. No, Jim, there is no fun. There is a need to turn to knowledge and ethics.

goodsam

I suppose we should also do away with the laws against murder. Laws have always incentivized those predisposed to obeying, not those whose passions demanded otherwise.

Public company internal controls pre-Sox had come to abyssmal shape. SOX helped provide incentive for most companies to return to the types of reporting controls that protect investors. If example after example of corporate malfeasance is your best argument against laws such as SOX, then perhaps the US should simply do away with all laws.

Jim

"Do away with all laws"? Of course not. But make and enforce the laws that society needs with insight and appreciation for their efficacy and their consequences, and not under the blinkered political passions of the moment.
Jim

Tad DeOrio

I thought the intent of SarBox was to assure that top executives installed controls to prevent fraud and malfeasance. The auditors identify 'material control weaknesses'.

Yet as the author states there have been many monumental 'control failures' since 2002 and I cannot recall reading of one prosecution under SarBox.

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  • © 2007-2019 James R Peterson Special thanks: Francine McKenna. Always with love: Kat and Julie. In memory: Bob White, Stuart Kadison