SOX 2.0

Seeing the scenario opened in the financial world with the crisis created by some financial entities, I feel a little bit frustated. I will explain why.

Three years ago the company I was working announced they were going to be in Nasdaq. With it, our boss came to a colleague and me and told us: “All our management applications need to be SOX compliance”.

Ok, it sound great, but what do we have to do??

Almost all the work was done reading documentation, recomendations…. asking other people…

Really we felt so alone in this work. Once we started to understand what we have to do really we saw the light and we started to feel we were in the right path.

I remember these days with so much stress and after the work was done we could see how the business continued working only changing some procedures and, in our case, some features of the management applications.

I though, guau the Sarbanes – Oxley Act is a regulation plan that have a lot of benefits for the company, investors, society….

And now, I see how the lack of financial regulation, in the country that forced “me” to be SOX compliance, is part of the crisis we are living.

I know, I’m complaining so much, but it’s a little frustating for me. At least it’s paradoxical, isn’t it?

SOX was created basically in response to a number of major corporate and accounting scandals. My question is, do we have SOX v2.0 ???