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

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TAX PRACTICE CORNER

More R&D tax help

"Can I use the R&D credit?" PATH Act enhancements make the credit more attractive to a wider range of taxpayers.

QUIZ

Learn to choose between ‘who’ and ‘whom’

Writers can stumble over who and whom (or whoever and whomever). If you write for business, this quiz can help make your copy above reproach.