Points Against Sarbox

Francis McKenna provides the following points about Sarbox:

- PwC was unable to detect Satyam's $1bn fraud

- Big Four audited the banks before the crisis.

- PwC has been paid $500m in fees over the five years but J.P. Morgan's trades mistakes still happened.

- Audit companies still encourage partners to sell additional services to audit partners.

- They are paid by the companies they audit.