Will bill change Sarbox audits?

You've probably already grappled with some of the unintended consequences of SOX. Post SOX, engagements have soared as have fees for audit firms. Despite the revenue windfall, accounting firms have become so risk-averse that they are actually reluctant to provide professional advice in key areas. So you will not be surprised to learn that there are efforts underway to reform audit standards. A bill sponsored by Tom Feeney (R-Florida) called the "Compete Act" would address several issues. It would make audits less frequent after the first year of compliance and would clarify the notion of "independence" in order to remove the chilling effect it has had on accounting firms. It would even require a review of the principles-based British approach vs. the American rules-based approach. For many of you, such changes would amount to progress.

> Here's the article
> Here's Feeney's case for reform