Despite dire predictions by critics of the Sarbanes-Oxley Act that the accounting reform law would freeze smaller CPA firms out of the audit business, just the opposite appears to be happening, Public Company Accounting Oversight Board Chairman William J. McDonough told Congress.

Testifying before the House Financial Services Committee on April 21, McDonough said that, while SOX has given auditors "a good bit more anxiety," it hasn't caused the kind of market shift than many anticipated.

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