Is non-compliance the way forward? 155
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We are spending loads of money on this, just as everyone else is. Our auditors have informed us that the audit fees will be doubled this year, and a 50% increase from then on, solely accounted for by SOX. None of us believe that SOX compliance will prevent fraud, nor does non-compliance mean our accounts are wrong, nor our controls weak. Wouldn’t we all be far better off saving ourselves all this time, effort and above all money, and just be non-compliant? If a few companies do this, and explain to the investors why they are taking such action, there should not be a negative reaction, quite the opposite in fact as such action would save millions of dollars.%0AThe auditors and the SOX consultancies won’t like it, but to my organisation SOX is just a waste of time and of money.
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