It is entitled the "Sarbanes-Oxley Act of 2002," and now as we approach the middle of 2004 I am still waiting for it to really kick in. I expect it still might take a couple of years for that to happen.

Why do I say this? Well, the regulations requiring SEC approval are just beginning to come out from the PCAOB, and compliance with the internal control requirements of Sarbanes-Oxley was delayed. Add on to that the fact that SEC fines are still being imposed on corporations and auditors for financial statement miscues plus auditor lapses for pre-Sarbanes-Oxley years.

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