Just last month, I did blog entries on former Congressman and SOX co-writer Michael Oxley joining a law firm to help companies get around Sarbanes-Oxley and then joining Nasdaq.
Now he's come out in an interview claiming he's not happy with the way Sarbanes-Oxley has been implemented and blaming it on the audit oversight agency, the Public Company Accounting Oversight Board (PCAOB).
Section 404, he says, was only two paragraphs long originally. "By the time the PCAOB was done, it was 330 pages of regulations".
And in any case, he says, it wasthat pushed the Senate toward adopting 404.
In other words, Michael Oxley's hands are clean. Sarbanes-Oxley might be a mess but hey, it's got nothing to do with the man who helped write the law. The problem with the act that bears his name is not his fault.