Sarbanes-Oxley to remain undiluted

25/04/2007  17:14:12

The Sarbanes-Oxley act is set to remain undiluted following a ruling from the US Senate this week.

The Senate defeated a Republican proposal that would have made it optional for a large number of companies to comply with Section 404 regulations regarding internal controls, reports Reuters.

In an additional vote, the body expressed its approval of moves by federal regulators to make slight adjustments to the section.

Section 404 requires public companies to provide important details regarding their internal financial controls.

The chairman of the Senate Banking Committee Christopher Dodd said in a joint statement: "By these two votes, the Senate today made a strong statement ... to support protecting investors."

"We rejected an approach that would weaken investor protections."

The Sarbanes-Oxley act was introduced in 2002 to help with tax planning and accountancy legislation.

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