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The Sarbanes-Oxley Act of 2002 is under attack, with �404 of SOX, titled Management Assessment of Internal Controls, under the fiercest fire. Section 404 is too expensive for small business, critics claim, and is partly to blame for the United States’ loss of its competitive edge in global securities markets.

However, while the United States’ share of initial public offerings has declined, that’s the result of globalization and technology, not �404. The U.S. Securities and Exchange Commission is moving to fix the problems associated with �404, and lawyers should ignore calls for �404′s elimination.

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