Monday, January 24, 2005

MSNBC - Midsize companies now struggle with Sarbanes-Oxley compliance

Complying with new federal laws designed to boost investors' confidence in public companies is costing millions of dollars and countless work hours at local midsize corporations -- and frustrating finance and accounting teams.

"The intention of all this was to catch the next Enron or WorldCom. That didn't happen. So in that sense this is a tremendous waste of time and money," said Stephen Hall, chief financial officer of TriPath Imaging Inc. in Burlington.

Hall, who admits his nickname is "cheap financial officer," echoes the opinions of many executives and managers working inside public companies.

Like the CFOs at other midsize public companies, Hall and his staff are in the midst of their toughest assignment: reorganizing the tracking of money through their corporation and creating new oversight for managers in every department to comply with the so-called Sarbanes/Oxley regulations.

It's an arduous task.

MSNBC - Midsize companies now struggle with Sarbanes-Oxley compliance

Send to a friend:

0 Comments:

Post a Comment

<< Home

Previous articles

Certification Fears and Filing Delays

Companies wary of rushing to judgment

Corporate idiots

Risky business for corporate directors

The Glass is Not Broken: Evaluating the State of U...

Technology - crossed wires trigger IT failure

Study: Sarbanes-Oxley May Be Improving Earnings Pr...

NPR : The Marketplace Report: Dealing with Sarbane...

Sun Brings Compliance, Content Management to One S...

Fitch: How Sarbanes-Oxley 404 May Affect Companies...