I worked on an IT SoX project for a famous Silicon Valley networking company a couple years ago.
Each publicly-traded company ended up spending millions on SoX-compliance – more than anybody realized – for technical measures. The aim was to improve accountability and auditability of large companies after corporate meltdowns like Enron.
Yet here we are, a short time later, and Citibank and Merrill have had billions of dollars in losses, no succession plan, and little accountability to shareholders for reporting the losses in a timely manner.
I guess SoX did not go far enough in addressing the real problem – the human management component of corporate governance.
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