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SEC Forced To Defend SOX

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[ Business]

Heavy lobbying by major accounting firms to rollback or weaken the Sarbanes-Oxley act draws the chairman’s response.

The Sarbanes-Oxley auditing and security requirements have become a pricey headache for accounting firms, and they are lobbying for relief.

But the chairman of the Securities and Exchange Commission expressed a different opinion before the House Financial Services Committee. “Calls to roll back or weaken Sarbanes-Oxley generally as a result of the costs of internal control reporting are, in my judgment, unjustified,” said Mr. Donaldson.

While smaller firms have made big complaints to Congress, the Big Four accounting firms (Deloitte Touche Tohmatsu, Ernst & Young, KPMG and PricewaterhouseCoopers) have each spent big dollars to comply, with estimates of around $8 million USD per firm.

David Utter is a staff writer for WebProNews covering technology and business. Email him here.

SEC Forced To Defend SOX
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