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SEC officials are reviewing an accounting rule, which has been criticised by business groups as overly expensive.

For two weeks, SEC officials and the board that oversees the audit industry have been meeting and exchanging documents about the rule, which requires accountants to review corporate financial controls.

But SEC chairman, Christopher Cox,said an agreement remains days away, the Washington Post reported.

AccountancyAge:SEC reviews expensive Sarbox accounting rule

The top U.S. markets regulator and its top audit industry watchdog will testify to a congressional panel on September 19 about post-Enron Sarbanes-Oxley reforms under attack by much of the business community.The House of Representatives Financial Services Committee on Wednesday said Securities and Exchange Commission Chairman Christopher Cox and Public Company Accounting Oversight Board Chairman Mark Olson will testify at next week’s hearing.

SEC’s Cox to testify on Sarbanes-Oxley progress