Why dosen't Sarbanes Oxley apply to the United States Gov. - DFWstangs Forums
 
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post #1 of 7 (permalink) Old 02-26-2009, 07:27 PM Thread Starter
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Why dosen't Sarbanes Oxley apply to the United States Gov.

1. Oversee public companies audit (USG =#1 public company)
2. Create audit report standards and rules


If this was applied to the national budget it sure would cutout a lot of politics
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post #2 of 7 (permalink) Old 02-26-2009, 07:34 PM
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Quote:
Originally Posted by jyro View Post
1. Oversee public companies audit (USG =#1 public company)
2. Create audit report standards and rules


If this was applied to the national budget it sure would cutout a lot of politics
You answered your own question. If the Bean counters had control of the helm, then all those pet projects would never get done.
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post #3 of 7 (permalink) Old 02-26-2009, 08:07 PM
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Government "accounting" not only violates every accounting rule, but common sense as well.

The government hasn't used anything even approaching standard accounting in more than 100 years.

Any business whose books looked liked the US government's would instantly liquidate/bankrupt.

Last edited by White trash wagon; 02-27-2009 at 05:55 AM.
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post #4 of 7 (permalink) Old 02-26-2009, 08:13 PM Thread Starter
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exactly, what exempts the US gov. from it?

Quote:
Originally Posted by White trash wagon View Post
Government "accounting" not only violates every accounting rule, but common sense as well.

The government hasn't used anything even approaching stand accounting in more than 100 years.

Any business whose books looked liked the US government's would instantly liquidate/bankrupt.
I think if congress expects public business to be under it then so should the US gov.
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post #5 of 7 (permalink) Old 02-26-2009, 09:04 PM
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Wow, it took my little company in the neighborhood of $4M to become SarbOx compliant, and we had about 300 folks at the time. The government would take at least a decade and would need another bailout to pay for it. Each annual audit would take years to complete, and the workings would grind to a halt because it would take them more than a year to just to plan their annual budget.

I'd say my productivity was reduced by a solid 30-40% by SarbOx due to the new "overhead." At our level, $4M off of our bottom line was not insignificant. It created a layer of bureaucrats that does nothing but waste my time. I had a meeting today that lasted 30 minutes that should have taken fifteen, because we had some overpaid pencil-pushers interrupting every other sentence so they could make sure they checked off every box on their forms. "Ok, who's the executive sponsor of this meeting? What authorization code does this little teeny insignificant code change you have? What change request is it related to?" blah blah blah.

After the meeting, one of the jerks asks me if I play golf...
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post #6 of 7 (permalink) Old 02-27-2009, 07:38 PM Thread Starter
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if congress makes stupid laws it should be applied to gov. business too

does anyone know why Sarbanes Oxley isn't in force for Gov. business.
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post #7 of 7 (permalink) Old 02-27-2009, 08:55 PM
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does anyone know why Sarbanes Oxley isn't in force for Gov. business.
Because everyone in government is above the law. Look at any recent nominees (or any democrat for that matter) for examples of this premise...
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