The State of Sarbanes-Oxley: 2007.

• Position: Issue update

Introduced 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 This move could recommendations on benefit smaller April 4 to public companies eliminate waste facing significant and duplication cost burdens with SOX complying with compliance and to Section 404 work with the PACAOB to make the internal controls provisions--SOX Section 404--more efficient and cost effective Public Company Proposed Auditing The PACOB is Accounting Standard - proposing changes to Oversight Board Evaluating its auditing (PACAOB) Consistency Of standards in light of Financial FASB's issuance of Statements and Statement of Proposed Financial Accounting Amendments To Standards No. 154, Interim Auditing Accounting Changes Standards and Error Corrections, and Proposed Statements of Financial Accounting Standards, 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 Company Proposed Auditing The PCOAB proposed an Accounting Standard - An auditing standard, An Oversight Board Audit of Internal Audit of Internal (PCAOB) Control Over Control Over...