Moves by a Securities And Exchange Commission advisory panel to exempt 80 per cent of companies from having their internal controls certified have come under fire from former SEC heavies, Paul Volcker and Arthur Levitt.

In a letter they co-wrote (as part of a group) to the SEC, they said: "In passing the Sarbanes-Oxley legislation, the Congress adopted a reasonable approach to achieve real reform, not just the appearance of reform. It would be unfortunate now if the SEC and PCAOB undercut the effectiveness of congressional legislation through misguided regulatory action."

Meanwhile, WebCPA editor alicia Korney raises the question of whether politicians have such short memories.

"In short, what SOX needs is fine-tuning. Not to be summarily scrapped before it's been given a chance to work."

The question is whether you can fine-tune something that so many deem to be unworkable.