Leaders of the Securities and Exchange Commission and the panel that oversees the accounting industry will meet in an effort to resolve differences over how to overhaul a controversial corporate accountability measure that business groups have targeted as overly expensive.

Tension over a part of the 2002 Sarbanes-Oxley law, which requires companies to review their financial controls and to have auditors pass judgment on them, spilled into public view this week after the release of portions of a letter by SEC Chairman Christopher Cox proposing changes.

The Public Company Accounting Oversight Board, which reviews the work of auditors, met privately for 90 minutes yesterday to consider how to respond to Cox’s letter, which urged the board to be flexible and cost-conscious in response to complaints from businesses. Cox and former Federal Reserve Board official Mark W. Olson, who now leads the accounting panel, are to meet this weekend to discuss the issues.

[1] Washingtonpost.com: SEC, Accounting Board Officials To Weigh Sarbanes-Oxley Update