Three years ago, the Sarbanes-Oxley Act was signed into law amid harsh criticism from the business community, but a recent survey commissioned by Approva Corp. shows that business executives have slowly come around on their perception of the legislation and a slight majority of them now see SOX as a net gain for investors.
The survey of 200 CFOs and financial executives found 44 percent felt that SOX was a net gain for investors while 43 percent saw it as a net loss. But regardless of the overall perception, an overwhelming majority of respondents (87 percent) cited Sarbanes-Oxley as a "top priority" for their company boards.
Overall, the survey reveals an optimistic posture toward the legislation.. Asked to choose a single phrase to describe the Act, 42 percent of respondents took the positive view that it is a "way to improve our business controls and processes," with an additional 8 percent saying it will primarily "improve investor confidence and help our business." Another 28 percent answered negatively, describing the Act as "a corporate tax."
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