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SOX co-author calls Sarbanes-Oxley 'flawed jewel'

"You think?  No kidding," writes J. Craig Williams in his wrap-up of Congressman Michael Oxley's recent visit to Williams' zip code.  Williams continues,

"Oxley himself pointed out the statute's flawed requirements using an example in his own district, Ball Metal.  The auditors there listed the janitor's theft of a few toilet paper rolls from the company bathrooms as a 'material weakness' that had to be listed on the company's reports to the SEC and investors. 

"I don't know about you, but I'm selling my stock in Ball because those rolls of TP will likely break the company.  Riiiight.  They likely spent more money on the reporting aspects of that issue than the cost of the missing rolls.  While Oxley didn't commit to amendments to the law, he did pin his hopes on Orange County's Chris Cox, now at the helm of the SEC.  Oxley stated in the Register's article that he expects Cox to loosen the 'too stiff' burden of SOX compliance on small and midsize businesses ..."

More here.

Posted by Product Team on August 24, 2005 at 03:39 PM | Permalink | TrackBack (0)

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