New York (March 27, 2003) -- While implementation of Sarbanes-Oxley has resulted in changes in controls and compliance practices at nearly 85 percent of large U.S. multinational companies, only about a third of executives at those companies believe the new law will restore investor confidence in the markets or aid their companies' ability to create shareholder value, according a survey by PricewaterhouseCoopers.
Most senior executives (42 percent) who participated in the quarterly Management Barometer survey characterized Sarbanes-Oxley as “a well-meaning attempt, but will impose unnecessary costs on companies.” Thirty-three percent said it’s “a good first step in company accounting and reporting, but more needs to be done.” Another 15 percent said it was “ill-considered and hastily-passed legislation that won't make any difference,” while 9 percent said the act is “a good and adequate response to problems in accounting and reporting.” One percent said it “will actually harm rather than improve the capital markets.”
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