Monday, June 06, 2005
Will COX cure SOX pain?
You spent 2004 tearing out your hair over Sarbanes-Oxley. Your compliance budget ballooned to many millions. The enterprise resource project you launched ground to a halt. Now you're alone in the elevator with the newly-nominated chairman of the Securities and Exchange Commission, taking the proverbial two-minute ride to the top. Your plea to Christopher Cox?
"Please try and create some semblance of best practices and a repeatable process that everyone can follow," offered Scott Hicar, chief information officer for Maxtor Corp., a computer storage device manufacturer in Milipitas, Calif.
Hicar, who survived his first year of SOX compliance, expects the process to be easier next year, no matter who heads the federal agency. But, like other CIOs polled in recent days, he believes the SEC has long way to go before the financial compliance required by the Sarbanes-Oxley Act becomes standard practice. "Much more education is needed," he said.
The news last week that William H. Donaldson is stepping down as chairman of the SEC and will be replaced, pending approval, by California Rep. Christopher Cox hit close to home for many CIOs.
posted by Brian Moran @ 9:19 AM