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Execs rip Sarbanes-Oxley’s costs, regulations

Execs rip Sarbanes-Oxley’s costs, regulations

by Rick Turoczy on April 19, 2005

A group of Pittsburgh business executives took no issue yesterday with the intent of the Sarbanes-Oxley law — 2002 federal legislation aimed at ending corporate accounting scandals — but a number of them complained that the costs of complying with it were too high and some of its provisions amounted to regulatory overkill.

Sen. Rick Santorum, R-Pa., agreed with some of the criticism but told the group it was unlikely that Congress would change the provisions of the law, known as “SOX,” that they cited as most burdensome. The executives gathered at the Rivers Club, Downtown, for a panel discussion on SOX organized by Pittsburgh’s chapter of the National Investor Relations Institute.

Execs rip Sarbanes-Oxley’s costs, regulations

{ 1 comment… read it below or add one }

Anonymous May 10, 2005 at 9:10 am

The implementation of SOX can be fine-tuned to help reduce costs. But, especially in the first year, most of the activity is just attempting to address weaknesses in corporate “control” that have needed fixing for years.

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