from BW Online
Businesses that have been agitating for less stringent oversight of financial compliance regulations will get a first taste of relief in the next two weeks, when the Securities & Exchange Commission and the Public Company Accounting Oversight Board unveil a plan for streamlining the day-to-day workings of the Sarbanes-Oxley Act of 2002.
It’s an exercise designed to address businesses’ core concern: Compliance simply costs too much. But when the dust settles and final rules are adopted early in 2007, any changes are likely to have a modest impact on Corporate America’s bottom line. Their real value, rather, might be peace of mind.
On Dec. 13, the SEC will announce a plan to streamline its rule requiring companies to adopt internal controls and procedures for financial reporting. At about the same time, the PCAOB will make public a rewrite of its notorious accounting standard, which guides audits of those internal controls. The proposals will kick off at least two months of jockeying as businesses push for more change while investors bemoan a rolling back of industry oversight before either body adopts any final changes.