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Ribstein on SOX
Larry Ribstein disagrees with my suggestion that SOX section 404 ought to be repealed, although mainly because he thinks it is politically impractical. He then offers some proposals for tweaking 404.
Posted on Friday, September 22 2006 | Permalink
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I’m currently teaching a sophomore accounting course, and the text, like all other accounting texts, says that designing, implementing and monitoring a system of internal controls is a primary duty of management.
It seems there are only two sources of enforcement, the Board or the government (and I suppose trial lawyers after the horse has left the barn).
Based on the experiences of the past ten years, we cannot count on boards to enforce these sophomore concepts, so who is left?