Today marks the four-year anniversary of the signing of Sarbanes-Oxley, arguably one of the most contentious pieces of legislation in US legislative history.

It's also the most far-reaching in terms of international impact, particularly with markets around the world heading towards a "globex" where stocks will be continuously traded on a single exchange around the globe.

To mark the fourth anniversary, the law's co-author, US House Financial Services Committee Chairman Michael Oxley, has cited the Fannie Mae disaster as an example that shows the need for Sarbanes-Oxley compliance and has blamed the costs on an "overly zealous'' implementation of internal control provisions.

In other words, the family wasn't ready for this baby. And there are still many companies, particularly the smaller ones, that still aren't ready.

The screaming Sarbox baby has evolved into a child who is difficult in some respects - particularly in terms of compliance with Section 404 which seeks to validate the effectiveness of internal controls put in place to keep financial reporting processes robust - but still manageable, if only because there seems to be greater acceptance that this kid is here to stay so you learn to live with it, and learn from your own mistakes.

John Hagerty, a vice president and analyst at Boston-based AMR Research Inc, has come up with a different metaphor.

In an interview with CFO.com, he compares company responses to SOX to the way people respond to death: first shock and anger, then acceptance, and finally, just moving on.

Certainly, there are signs that more companies adjusting and rethinking their approach to Sarbanes-Oxley.

Still, the greater acceptance seems to be coming from the bigger companies. But then, what else can we expect? They have the resources to cope. It will continue to be a different story for the rest.

They just want to get rid of the Sarbox kid.