Sox First: No Sox For Directors: "'The cost of 404 in the aggregate, from every single public company, is probably one ten-millionth of the cost of executive compensation. I don't hear anybody saying we should get rid of executive compensation.'"
Sox could very well destroy what is left of the Amazon rainforest, with all of its auditing and paperwork.
The reforms initiated by SOX will pay off in terms of the focus of the section 404 compliance effort will prompt executives to evaluate overall operations, not just design of controls, and thus derive new business value from the data captured during the compliance process.
Sometimes the left hand should not know what the right hand is doing. Just trying to figure it out may cause them to clamp together, stopping them from doing work. This appears to be what Sox is doing to companies.
Senator Sarbanes bio.
Congressman Oxley's bio.
And of course, Ballmer shops for his own XBox 360, all because these two guys are giving him a hard time.