Speaking at a recent panel discussion, co-creator of the Sarbanes-Oxley corporate governance legislation, Rep. Michael Oxley (R-Ohio) acknowledged that the Act should have been more flexible.
Responding to criticisms of Section 404 of the legislation, which pertains to management assessment of internal controls, Mr Oxley announced that:
"I think it's a legitimate criticism of the act and especially 404, that it's a one-size-fits-all solution."
Speaking with regard to small businesses, which are especially affected by the provision, he went on to add:
See full Article.
Posts
