The entrepreneurs are fighting back! Understanding that they do not want to have to do the work and pay the money, self regulation has NOT worked and some regulation is needed.
The debate continues about whether this much regulation is what is necessary.
Of course, even if SOX were to be repealed, it will have achieved much, as its shock value has woken up those that needed it to the requirements for clarity, completeness, legality and even morality in business practices and how these are accounted for.
OAM
See Article:
As entrepreneurs come to the Securities and Exchange Commission today to share their frustration about section 404 of the Sarbanes-Oxley Act, the Competitive Enterprise Institute calls on Congress and President Bush to repeal this unfair law in its entirety.
“To deal with the problem of a few big business bad apples, Congress created a web of costs and mandates that are shackling innovation,” says Fred L. Smith, Jr., president of the Competitive Enterprise Institute. “These rules disproportionately hurt the innovative entrepreneurs who run small public companies. And they've turned out to be a form of corporate welfare for the accounting industry that many wanted to punish after the scandals.”
See full Article.
Related links:
Tim Draper slams Sarbanes Oxley as backlash builds in Silicon Valley to burdensome regulations
Sarbanes Fatigue Strikes the Boardroom
What Corporate-Governance Reforms Are Still Necessary?
Corporate governance reforms need balance
Accountant says Sarbanes-Oxley Act is working
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