Las Vegas (Jan. 23, 2003) -- Sarbanes-Oxley, the federal law that restricts the services auditors can provide their public company clients, is already having a significant "cascade" effect on other parts of the accounting business, American Institute of CPAs president Barry Melancon declared at the Winning Is Everything practitioners symposium here Tuesday.
This year, some 20 states are expected to move toward adopting new accounting regulations that emulate portions of Sarbanes-Oxley, including extending that law to audits of privately held companies, Melancon said. He added that there is growing concern that some government-regulated industries, such as banking, may also be subject to new audit restrictions.
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