Keeping Tabs on Sarbanes-Oxley

Lora Bentley

Is there any way to determine whether Sarbanes-Oxley actually works besides looking at how much compliance costs and how many companies are ditching the public markets? As we noted earlier, surveys say investors love it and even think it should be tougher. But is it actually stopping corporate fraud as was intended?

 

On Monday, Portfolio.com pointed to a report card of sorts -- the "Sarbanes-Oxley Scorecard," which reports on the activities of the President's corporate fraud task force. You can draw your own conclusions as to what they mean, of course, but if you're hungry for numbers...

The tally is impressive. 1,236 total corporate fraud convictions, including 214 chief executives and presidents, 53 chief financial officers, 23 corporate counsels, and 129 vice presidents. And that may be a conservative count... In addition to putting miscreants in jail, the task force said it had recovered more than one billion dollars in fraud-related forfeitures in its first five years.


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Aug 9, 2007 8:55 AM Buddy Coley Buddy Coley  says:
Yes....SOX is working. C. Fraud is just like terriorism----you have to stay on the trail every day. Being Pro-Active is a must! Many corporate executives "still" do not have security as a priority in their operations. Long term those are the companies that will be having to close their door b/c of compliance issues. The question is just a matter of "when" will the companies have to do so.Thanks for the great articles.B.Coley, CISM, PCI-QSA, CHS-IIIManaging Partner Reply

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