A Reuters report regarding a recent compliance visit by SEC regulators to the London offices of Ernst & Young made me giggle:
The Financial Times, which first reported the U.S. inspections, said UK accountants were unhappy that these inspections duplicated work already carried out by a UK watchdog.
Really? I didn’t know the UK had a SOX equivalent. Actually, I reckon that’s shorthand for: ‘We’re pissed off there’s no way we can bill this time.’
Which makes me think…I wonder how much of the recent increase in fees reported to be as a result of Sarbanes-Oxley compliance can be linked to regulatory inspections? Just my evil mind. Sorry.
Technorati Tags: humor, Sarbanes_Oxley, SOX
