The Future of Auditing Standards, and Their Impact on Corporate Governance
Source: Penton Media
In a recent survey, 76% of CFOs polled by Business Finance believe the costs of Sarbanes-Oxley outweigh the benefits. Although the backlash from the Enron, MCI, and myriad other scandals continues to argue for new regulations to ensure tough auditing, controls and governance standards, finance executives and other corporate constituencies are making a strong case against what they argue are unreasonable requirements. Regulators at the Securities and Exchange Commission and Public Company Accounting Oversight Board are currently debating (and deciding on) rules that will significantly affect how companies are managed and governed.