A 'Common Sense' Dodge

In response to complaints from public companies about the cost of complying with the infamous Section 404 of the Sarbanes-Oxley Act, the SEC and the Public Company Accounting Oversight Board (PCAOB) have both issued statements intended to improve the efficiency of auditors and thus reduce costs. Unfortunately, this new guidance is unlikely to have any substantial positive effect. These responses were both inadequate and disingenuous. Now that Bill Donaldson will be replaced by Rep. Chris Cox, we can hope for something more substantial.

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