{"id":605,"date":"2007-04-12T22:51:05","date_gmt":"2007-04-13T03:51:05","guid":{"rendered":"http:\/\/www.sequence-inc.com\/fraudfiles\/2007\/04\/12\/michael-oxley-is-not-happy-with-sarbanes-oxley\/"},"modified":"2011-11-04T21:40:59","modified_gmt":"2011-11-05T02:40:59","slug":"michael-oxley-is-not-happy-with-sarbanes-oxley","status":"publish","type":"post","link":"https:\/\/www.sequenceinc.com\/fraudfiles\/michael-oxley-is-not-happy-with-sarbanes-oxley\/","title":{"rendered":"Michael Oxley Is Not Happy With Sarbanes-Oxley"},"content":{"rendered":"<p><strong>Well that makes two of us!<\/strong><\/p>\n<p>In <a href=\"http:\/\/www.cfo.com\/article.cfm\/8985156\/\">a recent article on CFO.com<\/a>, retired Congressman Michael Oxley expresses his displeasure with the Sarbanes-Oxley legislation, and blames it on the Public Company Accounting Oversight Board (PCAOB).<\/p>\n<p>Section 404 of the Sarbanes-Oxley Act of 2002 is the part that causes the most heartburn for executives, stockholders, and the public at-large. This section requires companies and auditors to examine internal controls over financial reporting, and to report on these controls in their annual reports. (Note, however, that companies don&#8217;t necessarily have to improve bad internal controls.)<\/p>\n<p>Many say that Section 404 of Sarbox was poorly implemented and is far to expensive to companies. Oxley says the following about why companbies are unhappy with it:<\/p>\n<blockquote><p>The main thing is the enormous cost that was driven by the outside audit. But, the auditors are under tremendous pressure too. Audits should be risk-based so companies can better assess the risks involved and move forward.<\/p><\/blockquote>\n<p>I highly recommend reading the whole story and all of Oxley&#8217;s comments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well that makes two of us! In a recent article on CFO.com, retired Congressman Michael Oxley expresses his displeasure with the Sarbanes-Oxley legislation, and blames it on the Public Company Accounting Oversight Board (PCAOB). Section 404 of the Sarbanes-Oxley Act [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[16],"tags":[13,1724],"class_list":["post-605","post","type-post","status-publish","format-standard","hentry","category-auditing-regulations","tag-sarbanes-oxley","tag-section-404"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p6Z0e-9L","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/comments?post=605"}],"version-history":[{"count":0,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/605\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/media?parent=605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/categories?post=605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/tags?post=605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}