Washington (Sept. 10, 2003) -- Despite complaints from some business groups that the Sarbanes Oxley accounting reforms have put a chill on entrepreneurial activity, Securities and Exchange Commission Chairman William H. Donaldson told Congress Tuesday that corporate America is warming up to the tougher new financial reporting standards stemming from SOX.

During “my discussions with company officials, countless people have told me that America cannot afford a return to the lax standards that preceded Sarbanes-Oxley,” he said in testimony to the Senate Banking Committee. “Many have added that while they initially questioned the merits of the Act, they now see that it can help show the way to a brighter, more competitive era in American business.”

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access