Repeal or rollback of Sarbanes-Oxley? (vanity)

Anyone aware of a move to roll back or repeal the onerous Sarbanes-Oxley reporting requirements?

I searched FR, and found precious little discussion of Sarbanes-Oxley, though I suspect many Freepers are suffering it's effects.

I suspect the complaints about this bill will escalate to a roar after the first round of mandatory reporting is completed.

I just completed the initial training for compliance at my employer, a publicly held Fortune 5 company. Here are some numbers for you:

All salary employees must complete the initial self audit (6 hrs.) and the initial training (1.5 hrs.). Add to that that 10% of them will be participating in the full audit (32 hrs.).

We have 40,000 salaried employees. This is the caluclaion:
40,000 x 8 hrs. = 320,000 hrs.
40,000 x 10% x 32 hrs. = 144,000 hrs.
Total man hours lost to this audit 464,000.

47.5 weeks of production x 40 hrs. per week = 1,900 hrs. per employee.
464,000/1,900 = 244.21 additional employees (round to 245)

If you take a min. $55 per hour fully fringed rate, used by financial planners for indirect labor, multiply that by 464K hours and you end up with a cost of $25,520,000 in opportunity cost to my company.

Now, that is opportunity costs, but it is also $25 M in lost productivity for my company.

I can only imagine the total cost to our economy if this trend is consistent with all publicly held companies!

I'm glad that long-silent thread finally got a reply!

I agree, the latest round of 'corporate governance' regulation is an iron on the leg of business.

I made a similar point yesterday about HIPAA (AKA KENNEDY-Kassebaum) on a health care thread.

http://www.freerepublic.com/focus/f-news/1113480/posts?page=29#29

What a waste of time, talent, and resources!

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.