SarBox Regulatory Overload: Barney’s Frankly Freaky Frame of Mind
The Massachusetts congressman said this last week (Investment News link requires subscription):
Too many certifications of financial statements are required under the Sarbanes-Oxley Act, House Financial Services Committee Chairman Barney Frank, D-Mass., said at a conference last week.
But the Public Company Accounting Oversight Board (PCAOB) in Washington and the Securities and Exchange Commission “will appropriately scale it back,†and no legislation is needed, he told about 600 attendees at the Council for Institutional Investors’ spring meeting here.
“The accountants probably, in helping draft 404 regulations, overdid it a little bit, and we violated a very important principle: Never ask your barber if you need a haircut,†Mr. Frank said, getting a laugh from the council’s membership.
Ha ha.
Er, Barney — Who do you think is running the PCOAB?
