The CEO of Deloitte & Touche is an apologist for the Sarbanes-Oxley train wreck. Maybe Stockholm Syndrome, or maybe fat cats like D&T got no fee income from the start-ups that fueled the US economy so don’t miss them all moving to London.
A Small Business Advisory Committee to the SEC recommended earlier this year that a majority of all public companies be exempted from at least a portion of these requirements, acting on a concern that the cost fell disproportionately on smaller issuers.
The SEC has opted against such exemptions… I believe that the SEC and PCAOB acted wisely, shifting the debate to a discussion of how to make the law work effectively for all companies and their investors.
The only debate should be about the caliber of bullet to put through SOX’s ugly head.