Newsletter Apr 2007: Further revisions to SOX implementation likely

WASHINGTON – A top supervisor for the US audit industry gave a clear indication in early April that further changes are being contemplated in the implementation rules for the US Sarbanes-Oxley Act, the controversial 2002 law aimed at curbing corporate fraud. Mark Olson, chairman of the Public Company Accounting Oversight Board (PCAOB), the body created by the Act to supervise accountancy firms that audit public companies, said his staff had already begun to identify potential ways to revise a new accounting standard proposed in December.