I have to get this off my chest...(spoiler alert, this is a rant) SOX was created as a response of the fraud at Enron to ensure companies have proper controls over their financials The PCAOB wss created as a regulatory body for the accounting firms to ensure that companies comply with SOX Companies pay the accounting firms for the audits Congress passed legislation forcing companies to also fund the PCAOB So companies pay for their own pain and suffering like madochists do... But in our economic system isnt the customer always right? At what point did we, as consumers, lose the ability to control the services provided to us for which we pay dearly, or lose the ability to refuse to pay for services that add no value to us in the long run? If the news articles are correct and cases of fraud have increased in the last few years, then what value is SOX, not to mention the PCAOB, who was watching Bernie Madoff? Let the 2014 Grand Inquisition (I.e. SOX) begin!!!! PS - From their website The PCAOB (Public Company Accounting Overdight Board) is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports. The PCAOB also oversees the audits of broker-dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection. I feel a little better now....
Posted on: Fri, 28 Mar 2014 18:03:29 +0000
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