This past week has seen a slew of rules adopted by the SEC to fulfill its mandate under the Sarbanes-Oxley Act. New York and other states are now considering adopting some of Sarbanes-Oxley-like provisions. This follows the fierce fight in California's last legislative session by CPAs in California and the state society there in particular, to limit the adverse impact on accountants of the three bills that were eventually enacted into law.

What practitioners have to understand is that the landscape is in a process of change, and there will undoubtedly be a number of battles before the final setting is determined. There will be victories, partial victories and even losses.

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