Costly, over-taxing and a complete waste of time.

The first two claims about Sarbanes-Oxley from smaller companies are not completely without foundation.

But the third warrants another look.

But a new study from MIT Sloan School of Management professor Richard Lafond has found that firms with sound internal controls have a lower cost of capital.

It also explains why small private firms are complying with Sarbanes-Oxley even though they don't have to. As the Wall Street Journal explains, it's seen as improving efficiency and reassures customers and lenders.

With the Sarbox influence spreading wider, it's hard to see how it could be wound back without there being some fallout.