Sarbanes-Oxley News & Developments
SOX anniversaryNot really. A year after the Sarbanes-Oxley Act of 2002 was enacted into law on July 30; most of the executives are not in the mood to celebrate their one-year anniversary with SOX.
> > According to the latest PricewaterhouseCoopers "Management Barometer" survey in June 2003, only 30% of the respondents had a favorable opinion of Sarbanes-Oxley, compared to 42% in October 2002. Half of the interviewed executives described Sarbanes-Oxley as "a well-meaning attempt" at reform, but said that the law will impose "unnecessary costs on companies" to comply.
Higher compliance costs are to blame for this lack of enthusiasm: 60% of the respondents say that they have found it costly to bring their entire company into compliance, compared with 32 percent in October.
Morale is also low as indicated by the drop in the percentage of respondents who feel confident that their entire company is in compliance with SOX, from 82 percent in October to 68 percent last month.
Source: CFO.com Alerts
Published:2003-07-28
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