Three-quarters of chief financial officers in the US believe that Sarbanes-Oxley should be "repealed or reformed" as the costs of the 2002 compliance law have outweighed the benefits, according to a survey released yesterday.
The findings underscore the scale of frustration over the costs associated with implementing Sarbox, even as regulators said this week that costs are expected to reduce as new guidelines for the law are finalised.
In a survey of 484 chief financial officers by Duke University and CFO Magazine, almost 70 per cent said the costs of adhering to Sarbox requirements - principally its Section 404 provisions on checking internal controls - "greatly outweigh its benefits".
A total of 35 per cent said repeal or reform of the law was "badly needed", although no distinction was made in the survey questions between repeal or reform.
See full Article.
Posts
