SOX not working so great for banks?

Over on the banking law professors blog, Ann Graham (Texas Tech) reports on SEC Chair Christopher Cox's 9/19/06 testimony before a House committee on Sarbanes-Oxley in the banking industry.  He "recognized the Section 404 requirement that auditors evaluate management's internal controls assessment as one of  'those parts of SOX that aren't working as well as they should.' "  Her editorial retort:  "Now there's a surprise to banks footing the bill for staggering compliance costs!"   --posted by Alan Childress