Top five things working about Sarbanes-Oxley
MACPA SOX panel at Loyola College Alumni Circle
Originally uploaded by marylandcpa.
- Corporate governance is improving. CEO & CFO certification of financial results has improved accountability of management. Audit committees are taking their jobs very seriously and corporate Boards are more independent.
- Directors of boards realize that board membership is a real job and not a perk anymore.
- Auditors are more independent. The level of imoprtance of the independent audit has increased dramatically.
- Accounting controls are back in vogue, putting the discipline back in business.
- Accounting policies are being fine-tuned, increasing reliability. Although there are still challenges according to the SEC http://www.webcpa.com/article.cfm?articleid=22630
Is SOX working? Although the jury seems to be still out, this panel agreed that many good things have come out of Sarbanes-Oxley. Tell me what you think ...