The Great SOX Caper; Were we asleep at the switch?

Management at many companies responded to Sarbanes Oxley by focusing on the practical objective of getting a clean audit opinion, and, in an effort to anticipate their audit needs, drove their SOX programs using the PCAOB AS-2 auditing standard as a company guideline. Unfortunately, management’s requirements for compliance with SOX section 404 had almost nothing to do with the AS-2 auditing standard. Simply stated, AS-2 was designed for auditors, not for companies.

Since the SEC published an alternative "Interpretative Guidance" for company assessments, why are we still using AS-2 or AS-5 as a guideline. It is excessively expensive compared to modeling the financial reporting workflows and procedures. 

For a complete "White Paper" see   http://tinyurl.com/ybwp6tp