March 23, 2007
No Roll Back on SOX! It is here to Stay.
Not so fast there boys. In the legal land of technicalities, SOX and the PCAOB cannot be dismissed so easily. The benefits are clear. These frivolous lawsuits are part of the problem with SOX 404 implementations in the first place.
If accounting firms were not so worried about getting sued, they would not be so conservative in their approach to SOX 404 audits. If they were not so conservative, then the legislation would be more effective and not so costly. So there you go! The lawsuit happy society causes the very problems in first place and then tries to sue to fix them! If that is not perverse, circular logic, I do not know what is!
"Washington (March 23, 2007) - A federal judge has dismissed a lawsuit filed by a small Nevada audit firm challenging the constitutionality of the Public Company Accounting Oversight Board.
In a 14-page decision, U.S. District Judge James Robertson ruled against the suit, which was filed by Beckstead & Watts LLP of Henderson, Nev., and later joined by the tax and government reform activist group the Free Enterprise Fund. The suit had not only challenged the PCAOB, but also the Sarbanes-Oxley Act -- the sweeping corporate reform law that mandated the creation of the audit watchdog."
If your company has to comply with SOX 404 or MI 52-109, and wants to do it in a sensible and cost effective way, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell
If accounting firms were not so worried about getting sued, they would not be so conservative in their approach to SOX 404 audits. If they were not so conservative, then the legislation would be more effective and not so costly. So there you go! The lawsuit happy society causes the very problems in first place and then tries to sue to fix them! If that is not perverse, circular logic, I do not know what is!
"Washington (March 23, 2007) - A federal judge has dismissed a lawsuit filed by a small Nevada audit firm challenging the constitutionality of the Public Company Accounting Oversight Board.
In a 14-page decision, U.S. District Judge James Robertson ruled against the suit, which was filed by Beckstead & Watts LLP of Henderson, Nev., and later joined by the tax and government reform activist group the Free Enterprise Fund. The suit had not only challenged the PCAOB, but also the Sarbanes-Oxley Act -- the sweeping corporate reform law that mandated the creation of the audit watchdog."
If your company has to comply with SOX 404 or MI 52-109, and wants to do it in a sensible and cost effective way, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell
