The Public Company Accounting Oversight Board announced a four-point plan to improve auditors' implementation of the internal control reporting provisions of the Sarbanes-Oxley Act.

"During the past year, we have heard nearly unanimous agreement that effective controls of a public company's system of financial reporting protect investors," said acting PCAOB chairman Bill Gradison, in a statement. "We have also heard, however, that some refinements to the existing requirements would reduce the costs associated with internal control reporting while maintaining the benefits to investors."

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