Securities and Exchange Commission Chairman Christopher Cox has admitted that the Sarbanes-Oxley Act works better on paper than in practice. Speaking at a SOX conference earlier this week, COX said the act has “great potential” but “hasn’t always worked” to improve financial reporting as hoped for by its creators. Cox told the audience that he is open to change and that he will work to make SOX fit better “sooner than later.”

Meanwhile, a survey by RHR International found that 75% of respondents report a drop in compliance costs last year, though 72% still says the benefits of SOX are not worth the expense.