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Starr mounts Sarbanes-Oxley challenge

Starr mounts Sarbanes-Oxley challenge

by Rick Turoczy on April 28, 2006

The legal action that Starr is mounting against the Sarbanes-Oxley anti-fraud law is one of a trio of assaults targeting it, as small companies push for regulatory exemptions and some lawmakers prepare legislation to change it. With memories fading of the corporate fiascos of 2002 that began with Enron Corp.’s collapse, opponents of the law and its mandates on public companies and the accounting industry are banking on a changing political climate.

“This constitutes an excessive delegation of power by the executive branch,” Starr said in a telephone interview Thursday.

The five-member Public Company Accounting Oversight Board, endowed by the law with subpoena power and the authority to discipline accountants, “is a board that exercises real power in the marketplace.”

“This is a cop on the beat,” said Starr.

Starr mounts Sarbanes-Oxley challenge

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