Many people will argue that the Sarbanes-Oxley (Sarbox news) has been a success, in particular Section 404 (404(b) news). At large companies, I think you can make a strong case for this. Restatements have fallen and so have compliance costs. Some companies are realizing strategic benefits, but there's always room for improvement.
A survey by Ajilon Finance Solutions, which polled 210 accountants, has found that 73 percent of finance professionals "believe their company could be more efficient in the implementation" of Section 404(b). This section, as you know, requires management and external auditors to report on the adequacy of the company's internal control over financial reporting.
See full Article.
Posts
