Many people view this as the beginning of a process towards reducing the "burden" of Sarbanes Oxley. Be forewarned. Any so called reform of Sarbanes Oxley must include mandated increases in the education, skills, training, and experience of the entire accounting profession (independent auditors and internal company accountants and internal auditors). Any changes must include more accountability by all persons involved in the accounting, financial, internal control, and reporting processes. It is not enough that the CEO and CFO sign off on financial reports etc. All persons involved in the structure must also be accountable for the work they do too. Reducing the "burden" must not be a retreat from protecting the integrity of financial information. We require our external auditors to be more independent. Frankly, our investors are still not protected enough. Finally, all "reforms" must be carefully thought out. I will have more to say on this.
Link to SEC Press Release
Download SEC Concept Release 34-54122