With an advisory panel poised to formally propose that the Securities and Exchange Commission relax the internal controls provisions of the Sarbanes-Oxley Act for some public companies, the panel's chairman is seeing audit troubles of a company on whose board he serves dragged into the spotlight.
Recent published reports have discussed in detail the trials of Telephone and Data Systems Inc., the parent company of U.S. Cellular. Herbert Wander, the chairman of the SEC's Advisory Committee on Smaller Public Companies, has sat on the company's board for three decades, and also served for a time on the board's four-person audit committee.
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