Repeal Sox 2117

  • Yes there is hope.
    I just read this article. I think it is the MOST important item in the upcoming election. How many others are as sick of Sarbox as I am? It is costing me a fortune and for what??? Here is a guy running for President that is against this Act and will work to repeal it. Ron Paul. Read this: DIRECT LINK NOT ALLOWED
    Then go to the home page and find the ‘Ron Paul file’ where you can read a lot of other stuff about him. He is so popular on the Internet you can get lost in the websites his supporters have put up for him, but the official campaign website is DIRECT LINK NOT ALLOWED
    I sure haven’t heard another candidate talk about this albatross around our necks. He even voted against in the first place and tried to get it repealed once before. He has been in Congress for ten terms. So this guy really means it. Just to imagine being free of 404… chills.
    Anyway, I thought it was a great article.

  • Hi and welcome 🙂 As our site admin most likely deleted the direct links (disallowed in the forums), folks can find some commentary below:
    please paste to browser and add www paul repeal sox
    COMMENTS: I agree with our original poster that SOX 404 needed to be made better and was a little too nebulus in it’s original form. Thankfully, the SEC and PCAOB are working toward this with the new SOX 404 controls that we should see finalized this Fall.
    However, I would respectfully disagree with a total elimination of SOX compliancy controls. For the most part, SOX has improved the financial accounting and controls process for many companies (although unfortunately ‘the hard way’). It could have been done better originally, as guidance, examples, and controls were not as clearly communicated as they should have been 😞
    If a company already had great financial control systems in place, then SOX almost drops in transparently (e.g., strong audit control practices such as ‘separation of duties’, autonomy controls, file retention controls, automated balancing, strong security, etc). At least that’s my experience in the insurance industry where we are subject to strong industry controls and continous auditing.
    SOX compliancy still takes work and it is burdensome and costly for many companies. Still, I favor the middle ground on this, to eliminate the vagueness and burden in favor of streamlining and some easing of SOX 404.

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