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Stop whining about Sarbanes-Oxley

Stop whining about Sarbanes-Oxley

by Rick Turoczy on August 4, 2006

Sarbanes-Oxley turns four years old on July 30, but you won’t hear corporate America singing “Happy Birthday.” In fact, the grousing about the bill – designed to protect shareholders from fraudulent accounting – has never been louder.

You hear how it’s heaping onerous costs onto businesses. How it’s forcing companies to do IPOs overseas. How it’s compelling CEOs to take their companies private.

Mallory Factor, chairman of the Free Enterprise Fund, an advocacy group focused on conservative fiscal policy, recently made all those arguments and more in written testimony to Congress. (Earlier this year his group filed suit against the Public Company Accounting Oversight Board, the entity created by Sarbanes-Oxley, claiming it is unconstitutional.) To Factor, SarbOx’s bottom line is simple: “The costs in fact grossly outweigh the perceived benefits.”

But do they?

Stop whining about Sarbanes-Oxley

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