SOX Sux!
It is estimated that large US companies are going to be spending upwards of $35 million each to comply with the Sarbanes-Oxley bill, while for smaller companies, the bill will be in the single digit millions. As the go live date for the law drifts closer and closer, and CEOs and CFOs realize that they're in a uglier mess than they had initially thought, the protests have started. Complaints are coming in that the law is just way too detailed, requiring too many things to be documented. But slow down a minute here -- the only additional stipulation of SOX over existing laws, is that executives and auditors need to certify that internal controls are in place and that they work. What's the big deal?
Very big deal apparently for some companies. They're having troubles complying with laws that have been in place for at least 25 years. No one was checking, that's all. Now with the government scrutinizing companies, they're finally having to ensure that they haven't been breaking the law. When you've spent that long getting away with it -- well, SOX does suck.
Read more in BusinessWeek.
Very big deal apparently for some companies. They're having troubles complying with laws that have been in place for at least 25 years. No one was checking, that's all. Now with the government scrutinizing companies, they're finally having to ensure that they haven't been breaking the law. When you've spent that long getting away with it -- well, SOX does suck.
Read more in BusinessWeek.
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