CFO Magazine surveyed CFOs and other senior finance executives at 237 companies subject to the Sarbanes-Oxley Act regarding what should be changed about SOX. Results are published in the March issue and are available here.
The top changes suggested are:
- Repeal or revise section 404 (74%);
- Raise the threshhold for what constitutes a material deficiency (70%);
- Allow section 302 certifications to the best of the executive's knowledge and belief (55%); and
- Better define material event (53%).
Interestingly, section 404 was also identified by many (35%) of the responders as the section that has been the most beneficial to the company and its shareholders.