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Sarbanes-Oxley News & Developments
Paul Atkins from the SEC wants to Back Off Company FinesThe commissioner wants the regulator to pursue individuals, rather than companies and their shareholders.
> > Commissioner Paul Atkins recently said the SEC should go after individual wrongdoers rather than levying heavy fines against the companies for which they work, according to The Sun-Sentinel. "Individuals commit fraud, corporations do not," he added.
Atkins expressed concern about the compliance burden associated with the Sarbanes-Oxley Act of 2002, noting that "everyone greatly underestimated the costs of compliance". Atkins called Section 404 of the act, which mandates that companies audit and document internal financial controls, the most "expensive and burdensome part of [the law]."
Source: CFO
Published:2005-06-21
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