Word: dipiazza
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...role as CEO of PricewaterhouseCoopers, Sam DiPiazza is in a position to check the pulse of corporate America, hearing firsthand from other executives what they think of the effects of Sarbanes-Oxley on the business world. Lately he has been hearing quite a bit of griping. DiPiazza recently talked with TIME's Dorinda Elliott about his concerns. Excerpts...
...DIPIAZZA: Most people think the changes overall have been good. The system needed change. To demand that CEOs should declare that their financial controls work--how can you argue with that? But in some cases, boards are getting distracted by the rules of compliance instead of the objectives, and that can't be right. I think the pendulum is swinging back...
...DIPIAZZA: There is some concern that if Europe is less proscriptive in its approach, there will be a competitive advantage. But nobody thinks having independent auditing companies is not a good thing or that having CEOs certify their financial results is unreasonable or that having boards be independent is unreasonable...
...DIPIAZZA: Yes, all the time. It's about the level of cost for some processes and the sense of boards themselves that [for] the liability they are being held to, the risk is exceeding the reward, whether it's intellectual or financial. It's out of balance. Who's going to want to be on a board...
...Charles DiPiazza said Hadid is "at the center of the avante garde movement in architecture...