The chairman of the Public Company Accounting Oversight Board, William McDonough, turned in his resignation recently, saying that he would step down no later than November 30, 2005, and that the supervisory processes the board adopted are "working well."
If he thinks the processes are working well, he needs to leave sooner than that. In light of the lack of accountability, it is not surprising that the Sarbanes-Oxley Act has done more to hurt law-abiding, honest American businesses than it has to root out the corrupt, dishonest practices it was supposed to prevent.
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