House Small Business Committee lawmakers, speaking at a hearing convened to air complaints about a corporate accounting regulation, urged the Securities and Exchange Commission to exempt thousands of companies from the rule.
Under the Sarbanes-Oxley law, public companies are required to assess each year the quality of internal controls for financial reporting, with attestation by outside auditors. The reviews were mandated in the aftermath of the Enron Corp. and WorldCom Inc. scandals, when lapses in internal checks and balances were seen as contributing to massive frauds.
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