That’s right. We are fast approaching the 5 year anniversary of the passing of the Sarbanes-Oxley Act of 2002. Who’s celebrating? Well surely the consultants and accountants who have made a fortune off SOX consulting are celebrating a bit.
Over at Audit Trail, they have some surprising results of a survey of public companies. The results are surprising to me because I generally believe that the cost of Sarbanes-Oxley has far outweighed the little benefit that has been gained. Yet executives apparently think SOX has been positive:
Despite widespread media coverage that public companies are begging for a reprieve from SOX, Approva’s survey found that 83 percent believe the Sarbanes-Oxley Act has had an overall positive impact on their companies. And 63 percent believe SOX has been successful in preventing corporate fraud. Seventy percent of respondents believe that investments in SOX compliance will provide benefits beyond compliance alone. Now, that is some serious ROI.
63% of survey participants believe that Sarbanes-Oxley has helped prevent fraud. Respondents were split almost 50/50 on the question of whether SOX has increased investor confidence.