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	<title>Chris Miller &#187; business</title>
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		<title>Sarbanes-Oxley regulation should be eliminated</title>
		<link>http://www.ee99ee.com/blog/2009/10/06/sarbanes-oxley-regulation-should-be-eliminated/</link>
		<comments>http://www.ee99ee.com/blog/2009/10/06/sarbanes-oxley-regulation-should-be-eliminated/#comments</comments>
		<pubDate>Tue, 06 Oct 2009 14:38:09 +0000</pubDate>
		<dc:creator>cmiller</dc:creator>
				<category><![CDATA[Accounting]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[economy]]></category>
		<category><![CDATA[financial regulation]]></category>
		<category><![CDATA[SOX]]></category>

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		<description><![CDATA[The Sarbanes-Oxley act (SOX) was a bill sponsored by Paul Sarbanes (D-MD) and Michael Oxley (R-OH), passed by congress and signed into law by President George W. Bush in 2002. The bill was a result of outcry from the financial industry and business world about the then-recent failures of several large companies such as Enron and MCI due to accounting scandals. The act, also known as “Public Company Accounting Reform and Investor Protection Act,” might be better called the “Accounting Industry Protection Act” because the result of the new legislation has been in alleviating financial auditors from liability of poor work on the auditor’s part. Specific restrictions and costs for small companies who are or want to be publicly traded are found in the details of section 404. This part of SOX regulation requires that auditors effectively do risk-assessment of the organization being audited relative to the entity’s internal controls, focusing on the effectiveness of these controls. Under the new guidelines, company boards and executives are now forced to focus and sign off on auditor reports covering mundane details about the internal control effectiveness of the organization. In order to succeed, smaller companies often focus on higher growth revenue models[more]]]></description>
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