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Forbes attacks “onerous” SOX

Forbes attacks “onerous” SOX

by Rick Turoczy on October 26, 2006

Steve Forbes, chief executive of media giant Forbes, has predicted that US lawmakers will implement major changes to the controversial Sarbanes-Oxley (SOX) Act, in the wake of the sentencing earlier this week of disgraced Enron executive Jeffrey Skilling.

Speaking after his keynote speech at SAS’ BetterManagement Live conference in Las Vegas yesterday, Forbes argued that the SOX corporate reporting legislation had been rushed through in the wake of the collapse of Enron and Worldcom. As a result, he said the rules were ineffective, onerous and unnecessary.

“A person intent on committing fraud will not be deterred by paper walls,” Forbes said. “The best [defence against] corporate crime is stiff jail sentences.”

Forbes attacks “onerous” SOX

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