Testimony on Monday cited an exodus of issuers to exchanges outside the United States as well as the Sarbox provision's disproportionate effect on smaller companies.
Marie Leone, CFO.com
June 19, 2006
Section 404 of the Sarbanes-Oxley Act came under fire again on Monday, this time by panelists testifying in New York before the Regulatory Affairs subcommittee of the House Committee on Government Reform.
"Seeing Mr. Lay and Mr. Skilling convicted has done more good [to deter fraud and protect investors] than all of the bills in Congress," stated Neal Wolkoff, chairman of the American Stock Exchange.
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