Only a few hours after reform of the Sarbanes-Oxley Act’s auditing rules got a resounding endorsement from government officials and business executives, the Securities and Exchange Commission announced it would move ahead with a promised review of the controversial law.

The SEC issued a “concept release” Tuesday, July 11, that outlines its forthcoming guidance for corporate managers on assessing a firm’s internal controls over financial reporting, or what is more commonly known as �404, for passage of the Sarbanes-Oxley Act that spells them out. The law’s auditing mandates have been criticized, especially by small companies, as a burdensome and unwarranted expense.

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