Responding to continuing complaints from corporate America about the excessive cost of complying with Sarbanes-Oxley Act internal control audit reporting requirements, top officials from the Securities and Exchange Commission and the Public Company Accounting Oversight Board told accountants and private sector financial execs that relief is on the way.
During a roundtable discussion with corporate leaders, investor groups and Big Four accounting firms, SEC Chairman Cox acknowledged that while the cost of complying with SOX Section 404 internal control rules is dropping as auditors gain experience with the requirements, more needs to be done to reduce the cost burden on companies.
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