No less than the CEO of the Institute of Management Accountants weighs in with this article on SARBOX. He demands change now, noting that London has enacted controls with out the hue and cry over here which has doubled audit fees. Check it out.
DLE
Professor Elam
Accounting & Investing Info for San Antonio A & M
about
Posted in Uncategorized
2 responses to “More on SARBOX”
-
I read this article, but what is interesting is the comparison between this CEO’s desire to have more lax SARBOX rules and the following article by a sharholder who is angry that there have been no prosecutions since its enactment. Is SARBOX really working? Is that why there have been only restatements but no prosecutions? Is this the stage in the game where we are cleaning up before everyone gets on the ball? If so, is it too soon to start rethinking SARBOX? I would assume that with any major change there has to come a time of adjustment and not everyone is going to be happy, but maybe I’m not understanding the full scope of the game.
LikeLike
-
Well clearly the Mgt Accts and the Shareholder rights group see things differently! This has been a huge payday for accountants who doubled their fees and as the second writer observed, no one is prosecuted yet there are hundreds of re statements, what gives! I suspect after Enron and Lay dying,Skilling and Ebers goint to jail, the prosecuters are giving all this a rest for a while, now go read the Audit Report from the six firms that is on reserve in the library.
LikeLike
Professor Elam 
Leave a reply to Dennis Elam Cancel reply