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Ex-SEC chief lauds reforms

Ex-SEC chief lauds reforms

by Rick Turoczy on December 8, 2004

With the economy improving and the stock market near a three-year high, corporate America might be tempted to ease up a bit when it comes to reforming business practices. But as Arthur Levitt Jr. sees it, the cleanup effort must continue.

The former Securities and Exchange Commission chairman and investor advocate repeated his support for the Sarbanes-Oxley Act during a visit to Phoenix on Tuesday, the same day a new survey showed Arizona executives are frustrated with the legislation.

Crafted in the wake of scandals at Enron Corp. and other companies, Sarbanes-Oxley instituted several key reforms. These included new powers for independent directors and auditors, requirements that chief executive officers personally sign off on financial statements and obligations that companies implement strict operational controls. advertisement

But the rules also have driven up costs and record-keeping chores that have proved burdensome for public companies, especially smaller ones.

No wonder a survey of Valley executives revealed tepid support for Sarbanes-Oxley.

Ex-SEC chief lauds reforms

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