Junior Deputy Accountant is vacationing, and I offered to write a guest post. Since the news of the day is the SCOTUS (Supreme Court of the United States) decision on SOX (Sarbanes-Oxley Act of 2002), that’s what I wrote about. Please check out my commentary, “SCOTUS to PCAOB: Do Not Go to Jail; Do Pass Go and Go, Go, Go,” over at Junior’s most excellent web site.
Some of you love all things SOX. Oops, that’s Sarbanes-Oxley instead of White or Red. Some of you hate all things SOX (especially if you are a Yankee fan and are thinking about Boston). Those that hate Sarbanes-Oxley are trying either to maim it, or kill it.
Maiming is a fait accompli, given that a provision was added to the Dodd-Frank Wall Street Reform and Consumer Protection Act exempting companies with market caps of less than $75 million from 404-b requirements (auditors must opine on internal controls).
Homicide has always been the back-up …
Continue reading at: “SCOTUS to PCAOB: Do Not Go to Jail; Do Pass Go and Go, Go, Go”
Debit and credit – – David Albrecht