March 6, 2006


  • The enactment of Sarbanes-Oxley has been a boon to the accounting profession. If they had been doing their jobs effectively and monitoring themselves, this would not have been necessary. To properly implement this is very costly and would in all likely hood cause Credit Unions to reduce Dividends to them. It seems that the cost benefit is out of proportion, especially if this is required of all Credit Unions, regardless of asset size. It may be feasible for Credit Unions with over a billion dollars in assets, as they could afford and probably have the staff to manage the process.