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Floyd Norris: An assault unleashed on Sarbanes-Oxley

Floyd Norris: An assault unleashed on Sarbanes-Oxley

by Rick Turoczy on June 22, 2006

The effort to roll back the protections of the U.S. Sarbanes-Oxley Act is under way, and the attack on regulation may be greater than could have been imagined four years ago, when the law was passed by overwhelming majorities.

Those seeking change say regulations are running up costs and driving down stock prices while forcing companies to leave American markets. The only beneficiaries, to hear them tell it, are accounting firms.

“External audits are totally redundant,” Representative Tom Feeney, a Florida Republican, who is leading efforts to roll back Sarbanes-Oxley, said at a congressional hearing this week. As corporate executives now certify the reports, he figures, external validation wastes money. The threat of an audit would be more than enough, he said, noting that he had never been audited by the Internal Revenue Service but knew an audit was possible and did not cheat on his taxes. He suggested that a few companies could be chosen each year to face audits, with the rest avoiding the needless expense.

Floyd Norris: An assault unleashed on Sarbanes-Oxley

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