Reacting to what they view as “overzealous” enforcement of new corporate accounting laws, members of the business community want regulators to back off. Early next month the U. S. Chamber of Commerce’s newly formed Capital Markets Commission, comprising 14 accounting, investment and legal experts, will meet for the first time.
Their first objective : get the U. S. Securities and Exchange Commission to relax internal auditing and reporting rules for smaller companies. The SEC is expected to rule in April whether companies with a value on the market of less than $ 75 million can forgo internal audit and reporting rules spelled out in Section 404 of the Sarbanes-Oxley Act.
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