Executive Briefings

Most CFOs Say Sarbanes-Oxley Should Be Reformed or Repealed

While many lawmakers, academics and securities experts praise the impact of the Sarbanes-Oxley Act, most CFOs take a far dimmer view. A recent survey conducted by CFO magazine in conjunction with Duke University's Fuqua School of Business found that fully three-fourths of CFOs believe the act should be reformed or repealed, and nearly as many believe the costs have outweighed the benefits. The level of frustration expressed actually exceeds that found in earlier surveys--a surprise, given that earlier surveys were conducted during a time of soaring audit fees and substantial confusion about compliance.
Source: CFO, http://www.cfo.com

While many lawmakers, academics and securities experts praise the impact of the Sarbanes-Oxley Act, most CFOs take a far dimmer view. A recent survey conducted by CFO magazine in conjunction with Duke University's Fuqua School of Business found that fully three-fourths of CFOs believe the act should be reformed or repealed, and nearly as many believe the costs have outweighed the benefits. The level of frustration expressed actually exceeds that found in earlier surveys--a surprise, given that earlier surveys were conducted during a time of soaring audit fees and substantial confusion about compliance.
Source: CFO, http://www.cfo.com