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The "I hate Sarbanes-Oxley requirements" Club
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marci65
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Wed Feb 28, 2007 7:53 pm      Reply with quote
Can I be president? I hate this process and all of the idiots in the publicly-held companies that contributed to this Act being necessary. Mad I know in the end, it's "a good thing" for corporate America, but it takes so much time away from actual production. I guess that is a small cost compared to another Enron.

I am just venting. If this is too political, I will understand if it gets removed.
Moocheez
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Thu Mar 01, 2007 12:21 pm      Reply with quote
I used to make a living off Sarbanes, heehee. So I guess I don't mind SOX. In my experience, the staff end up being responsible to do the work for compliance never get adequate support and resources from the powers that be. All the responsibility without any resources. It was good for the consultants though. And lots of jobs for internal & it auditors.
bkkgirl
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Thu Mar 01, 2007 2:28 pm      Reply with quote
I work for a non-profit org who decided to adopt SOX voluntarily and even has a SOX dept. I am the SOX coordinator for my dept. It seems SOX has become a very dirty word for the staff in my dept. Yeah, I think they all hate SOX! lol But I think we're really going overboard and do a lot more than what's considered necessary. The things they require us to do don't make sense, and I don't see it as a value to the company other than it's costly to police.
Mabsy
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Fri Mar 02, 2007 12:32 am      Reply with quote
I can't remember the up to date figures but I think the average compliance cost for a large org is predicted to be about $6 billion. This is split up between in-house labour, technology and consulting. I roughly fit into the third category so I guess I shouldn't complain but while I do see the benefit of SOX, the costs of compliance are mind boggling.

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marci65
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Fri Mar 02, 2007 5:53 am      Reply with quote
I've gotta go on record with lots of to those of you who do any work supporting those of us who hate SOX. There is definitely a demand for your expertise, guiding us through the tough parts of documenting the risks and controls, evidence, etc. While I hate being part of drafting or tweaking requirements for processes, I think those of you that understand SOX thoroughly really have a gift. Very Happy At the end of SOX season (when the risks and controls get updated), I just want to hug the heck out of our SOX SME. Very Happy
Moocheez
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Fri Mar 02, 2007 8:30 am      Reply with quote
bkkgirl wrote:
I work for a non-profit org who decided to adopt SOX voluntarily and even has a SOX dept. I am the SOX coordinator for my dept. It seems SOX has become a very dirty word for the staff in my dept. Yeah, I think they all hate SOX! lol But I think we're really going overboard and do a lot more than what's considered necessary. The things they require us to do don't make sense, and I don't see it as a value to the company other than it's costly to police.


Anytime staff in an org is asked to do things differently and new, they complain though. So why should SOX be any different? I am 50+ and had been in IT and accounting forever. I remember 20+ years ago when the company I was with started implementing SAP, an Enterprise Resource Planning system used by a lot of large businesses now. The complains and hatred for the new system were just as bad as for SOX now. When I first started, in IT there were no dedicated testers. Developers just wrote programs on the fly and test it themselves. Then the testing methodology started developing and gosh, the resistance from the developers, how it was so much more work and how it took them away from doing their "real" job.
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