Sox

This is not a surprise but interesting to see that someone recognizes the issue.

http://www.foxnews.com/story/0,2933,196044,00.html

Interesting,

We have our "data protection act" but there is no requirement for an independent external audit of compliance AFAIK.

Fail, and you are history, but that is about it.

I have an idea..........................all CPA firms have to do "x" number of audits based on their number of partners. Naturally, as all CPAs love and believe in the law, they will do this for a nominal $100 fee.............. if they do not fulfill their quota then they cannot practice as CPAs??????????????

Sounds reasonable to me :D

"Hell hath no fury like a beancounter who discovered IT"

Muhahahahahahahahaha

OMG - weird - I was just discussing this last night before a local DFL meeting with a local politician! The costs alone in our organization is more than some companies make in a year - not bragging - complaining! We need this type of legislation, but something that won't kill businesses either just to comply.

Even weirder - FOX News posted something I actually agree with and it's news! :rolleyes:

I've seen some places actually recommend removing computers from some business processes because it's too expensive to meet compliance.

Scary business out there. Lots and lots of politicians dabbling in areas they have no business even discussing let alone writing legislation. In other words, business as usual.

woohoo!!

Agreed - but you know what's scarier? When I was debating - discussing I mean - with that politician last night, she and one of her workers, suggested I become a lobbyist - because in topics of technology in politics, I at least had some background in IT! I didn't know if I should take that as an insult or not. :p

I just told her I would like to meet the senators who drafted the legislation and ask them if they knew what they were getting into - meaning did they do some research or something like a Six Sigma project to check this out, or was this a knee-jerk response - meaning "Aww sh*t people are wigging out and the market will crash - we better do something quick-like - plus we can look like heroes!" :eek:

Again - yes we need this type of legislation in effect to bolster stakeholder confidence in companies and to ensure legal finanical reporting, but I don't think this was researched in terms of something like a TCO. Well, that and the standards continue to be in flux, or at least people's interpretation of them... we now have a full department just for SOx - and it's global by the way, because of our operations in other countries.

TH13 as you stated, "WOO-HOO!"

I've known about this SOX problem for a while... what I can't figure is why my company, which is making money hand over fist as the largest domain register in the world, would file to become public and have to deal with this crap.

Would just like to point out that its FOX news, not REAL news. :D
I suppose its just another risk companies will have to take if they want to go public.