Friday, July 07, 2006
Nonprofits, Governement Enitities Wearing Their Own SOX
AccountingWEB.com - July 07, 2006 - Four years after its enactment, the Sarbanes-Oxley (SOX) accounting reform law, designed primarily for public company reporting, is having major impact on the nonprofit sector and on state and local governments.
“Sarbanes-Oxley’s impact has been far broader than its supporters intended or envisioned,” James K. Gentry, a professor and former dean of the School of Journalism and Mass Communications at the University of Kansas, writes in a posting on the businessjournalism.org Web site. The impact has been especially pronounced on nonprofits.
His report notes that it is not unusual for nonprofits, particularly one with very large budgets, to be using “a number of practices that mirror those used by public companies,”
posted by Brian Moran @ 12:05 PM