Hopes of more changes to Sarbanes-Oxley took a hit last week when Public Company Accounting Oversight Board (PCAOB) member Charles Niemeier came out with the warning that policy makers risk damaging the reputation and competitiveness of U.S. markets if they roll back Sarbanes-Oxley and other securities laws.

Niemeier said: "I don't believe that 'regulation-light' is an answer ... If we start tweaking, are we putting at risk the one thing that gives us a true competitive advantage in the world?"

So there we have it: making Sarbanes-Oxley more user-friendly for smaller companies is "regulation-light" and that's not on, says the PCAOB.

Of course, the PCAOB has come out fighting when it has its own battles.

First, it's fighting a lawsuit challenging its constitutionality, a court action that could potentially take SOX down.

The beancounter watchdog has also been slated by the Securities and Exchange Commission for imposing excessive rule-making on corporate America, reports CFO.com.