Two CFOs sound off about the disconnect between the costs and benefits of complying with the internal-controls provision.
For at least two years, CFOs have been complaining about the costs and labors of complying with Section 404 of the Sarbanes-Oxley Act. To date, however, only two have voiced their concerns in the form public comments related to the upcoming Securities and Exchange Commission roundtable on Sarbox's internal-controls provision.
Yet their views about the schism between the costs and benefits of complying with the provision echo the views of a broad swath of their peers. Hailing from smaller companies, both of the finance chiefs who have posted views on the commission's website think that 404 "continues to miss the boat," in the words of Robert Gallagher.
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