Small businesses are disproportionately burdened by a law that requires public companies to prove they've got adequate controls in place to prevent accounting mistakes, a Government Accountability Office report found.
Released on Monday by Sens. Olympia Snowe, R-Maine, and Michael Enzi, R-Wyo., the report also says more companies are going private to avoid the rules, which are part of 2002's Sarbanes-Oxley Act.
The report comes two days before a roundtable meeting, to be hosted by the Securities and Exchange Commission and the Public Company Accounting Oversight Board, that's designed to improve the controversial-corporate governance law. Companies, academics and accountants are set to evaluate the internal control requirements before the regulators.
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