Another sign that Sarbanes-Oxley is being reassessed and could be watered down in the next few months. The big question is whether it's gonna be an overhaul or just a tweak.

The latest indication of change comes from Public Company Accounting Oversight Board chairman Mark Olson. Check out the speech he delivered last week at the National Association of Corporate Directors annual corporate governance conference.

Olson told the conference that virtually all American CEOs now believe the more rigorous internal control framework through Section 404 has created better companies.

And then came the kicker: "But, virtually all also believe that the incremental cost to date has exceeded the incremental benefit. In my opinion, this underscores the need for the PCAOB to take another look, and build into its standard clearer guidance regarding efficient, risk-based, scalable implementation."

It's an admission that comes after years of complaints from companies and interest groups saying that the costs of auditing companies has gone up by as much as 120 per cent. With the pressure for change building and Olson has acknowledged that the Act will be changed, reminding us that the Securities and Exchange Commission will consider recommendations to change Section 404 at its open meeting on December 13.

Still, the devil is in the detail and the regulators are not giving us any indication of what those details are.