Washington (April 29, 2003) - Reiterating its stance against government reformers and their “rush to regulate,” the American Institute of CPAs’ Special Committee On State Regulation endorsed a readiness agenda of communication, education and ongoing development of materials, as the effects of Sarbanes-Oxley wend their way through the states and non-SEC layers of the profession.
“The rush to regulate is not appropriate; a reasonable approach to reform is working,” committee chair Kathy G. Eddy told attendees at the institute’s Spring Council meeting here.
Eddy revealed that thus far, the much anticipated “cascade” of Sarbanes-Oxley to smaller firms has resulted in accounting reform legislation in 13 states, corporate governance reform in eight states and 10 states currently with executive branch activity.
She also outlined a series of “first response” guidelines, which included:
• A reasoned approach at the state level by allowing the regulatory process to work and being an advocate for small business.
• The uniformity of state laws in lieu of a piecemeal approach to Sarbanes-Oxley.
• The complexity of issues needs to be communicated.
Said Eddy, “A reasonable approach is working and CPAs have had a seat at the table.”
-- Bill Carlino
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