Thursday, July 24, 2008

What is SOX ?



Peter said...

Wow, Those are some serious penalties. I know people do a lot of rotten things in business. But these fines are extreme don't you think. If people foolishly enter in a bad investment thats their fault. I am a business owner and compliance with these rules and regulations is very stressful. I have heard of these guys you recommended. I am chatting with them to use their software.Thanks for the link.I downloaded their free visio bpmn modeler it is nice. I just wish that this whole law did not exist, what a pain.

STAN is a SOX Machine said...

I agree Peter, the penalties are quite tough. But they are set in place to protect us. As a business owner we can look at it this way.

All businesses rely on a strong economy. When all this law was put in place America was looking at a major recession which is not good for anyone. Investors were unsure and money flow was slowing down at a scary rate.

This is poison to a capitalist government and you shake recessions with war and making laws that restore confidence in the market. Lets not get into war talk. Lets stick to SOX for now.

The government has to step in and reassure her citizens that they will not loose money to bad investments. The government is great at making laws so they cooked up this one. Even though opponents of the bill claim that it has reduced America's international competitive edge against foreign financial service providers, claiming that SOX has introduced an overly complex and regulatory environment into U.S. financial markets.

I don't think this law going anywhere for a while so we may as well know it well.

Ps. I downloaded the free visio BPMN Moder as well. I like it too. If any one is interested here is the link
Free Visio BPMN Modeler