Lutherville, Md. (March 3, 2003) -- A Maryland bill that would have foisted parts of the federal Sarbanes-Oxley law regarding public company audits was defeated in a committee within the state's Senate, according to the Maryland Association of CPAs.

Maryland is the third state where Sarbanes-Oxley style legislation has been thwarted after lobbying and education efforts by state accounting forces. Maryland Association of CPAs chief executive Thomas Hood attributed the defeat of Maryland's bill to an effort that included testimony by his association's members and the drafting of an association white paper. That paper noted potential problems for business overall in Maryland by trying to foist Sarbanes-Oxley rules for pubic company audits on the work accountants do for smaller privately-held companies.

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