The state of Sarbanes-Oxley: 2007.

• Position: Issue update

Introducing the CPA Issue Update. This will give you a snapshot of an issue you need to know about as a CPA. Our inaugural topic? The latest developments of the Sarbanes-Oxley Act of 2002 (SOX).

Since signed into law in 2002, SOX is arguably the most significant piece of business legislation since the Securities Exchange Act of 1934. SOX is under scrutiny at all levels of business and for various reasons--from its cost burden on small businesses to its effect on capital markets in the U.S. and overseas. The chart below outlines recent changes and their impact on you.

What you need to know

Find an overview of the hot issues in the Society's new Issue Update column. You are a busy professional with a myriad of news sources in front of you. Sorting through it all to find the critical information is exhausting. Here is your solution. Every issue, we will give you the insight you need on a hot issue impacting the CPA profession. Get an overview and the latest developments in one easy to read article. Got an issue you would like to see covered? Let us know at catalyst@ohio-cpa.com.

OWNER PROPOSAL POTENTIAL IMPACT SEC Issued recommendations This move could benefit on April 4 to eliminate smaller public companies waste and duplication facing significant cost with SOX compliance and burdens complying with to work with the PCAOB Section 404 to make the internal controls provisions--SOX Section 404--more efficient and cost effective Public Proposed Auditing The PCAOB is proposing Company Standard--Evaluating changes to its auditing Accounting Consistency Of Financial standards in light of Oversight Statements and Proposed FASB's issuance of Board Amendments To Interim Statement of Financial (PCAOB) Auditing Standards Accounting Standards No. 154, Accounting Changes and Error Corrections, and Proposed Statement of Financial Accounting Standards, The Hierarchy of Generally Accepted Accounting Principles. The Board's proposals would, if adopted and approved by the SEC, supersede AU sec. 420, Consistency of Application of Generally Accepted Accounting Principles, with a new auditing standard, Evaluating Consistency of Financial Statements; remove the hierarchy of generally accepted accounting principles ("GAAP hierarchy") from the interim auditing standards; and make conforming amendments to the interim auditing standards. Public Proposed Auditing The PCAOB proposed an Company Standard--An Audit auditing standard, An Accounting of Internal Control Audit...