The Sarbanes-Oxley Act is catching grassroots flak.
Chambers of commerce in places ranging from up the road in Austin to across the country in Boston are taking on the burdensome legislation.
While the federal law has strengthened financial reporting by publicly traded companies, compliance with Sarbanes-Oxley has resulted in financial headaches for small and midsized public companies.
A recent report from research firm Abt Associates Inc. finds that Section 404 of the law -- requiring "internal controls" for financial reporting -- has hit smaller companies the hardest. That's because the 404 provisions were meant for large, well-established companies.
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