A Sarbanes-Oxley Meditation

BY DAN HABBART

A Sarbanes-Oxley Meditation

Lately the world has seen many a catastrophe,
Terrorist war, tsunami, flood and financial impropriety,
Ingenious accounting manipulations,
Debt hidden in trading positions,
Expenses booked as acquisitions.

Congress knew what it must do, so
Sarbanes and Oxley took the cue.
To shore up corporate responsibility
They made law to test internal control sufficiency.

To prove fiduciaries diligent,
SOX required tests to document
And make every internal control evident,
A nightmare compliance requirement.

What ensued was…
Paper proving every debit,
Paper proving every credit,
Paper proof of calculations,
Paper proof of estimations,
Copier breakdown lamentations,
Alas, a paper whirlwind.

But criminals still await their fate,
Legislatures promulgate,
Audit fees did escalate, and
Accountants toil very late,
Reaping a paper whirlwind.

—Dan Habbart, CPA

SPONSORED REPORT

Time to prepare for overtime changes

As an employer, trusted business adviser, or HR professional, you will need to be aware of exemption guidance, record requirements, advice for clients, and typical problems in applying overtime pay.

QUIZ

News quiz: Good news on pay and benefits for accountants

CPAs can find much to like in recent reports, including news that their expertise and skills are in such demand that pay is expected to rise and that their employers value professional certifications.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.