Sarbanes-Oxley is more involved then just valuations. It is aimed at assuring the financial statements are accurate and there isn't three card monty going on.
I do IT related SOX internal audit work from time to time (I'd shoot myself if I had to do it full time! But the pay if very, very good).
It's literally just reviewing TPS reports.
Company I was just at this past week, SOX just for IT auditing probably costs $1,100/employee (actual cash outlays for internal and external auditors, for new hardware and software to collect and generate the needed records, and loss of efficiency of the IT staff filling out paperwork instead of fixing and improving things). That $1,100 is probably 1/3rd the first year cost they incurred getting up to speed.
And it's completely useless. The procedures established by the Big 4 accounting firms are an IT audit written by accountants. I could complete an audit with no deficiencies based on 100% fraudulent paperwork. There are technical tools I could use to take year-to-year or quarter-to-quarter snapshots and actually know what's going on in the network and be able to verify the integrity of the audit. However, those tools are not used because Junior Accountants wouldn't know what to do with the information. So we spend as much if not more money for poorer results.
Sarbanes Oxley has been great for accounting firms. Probably costs companies 1% of gross revenues, maybe 1/4th in cash and 3/4 in loss of efficiency. For nothing.
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Today's Featured Article - Show Coverage: The Old Gold National Antique Tractor Show - by Cindy Ladage. Over the fourth of July weekend, the Illinois State Fairgrounds in Springfield, Illinois, was the site of the Old Gold National Antique Tractor Show. Tractors of all makes and models were displayed and separted into categories by their age. Deere, Oliver and even a Wards and Keck Gonerman were part of the crowd. A sea of red International Harvester's seemed to be the the model with the biggest showing. The crowd was decent for the scorching July heat. The opening day started o
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