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Securities and Exchange Commission Chairman Christopher Cox told the largest U.S. business lobby he opposes weakening the Sarbanes-Oxley Act, rejecting the group’s claim that the law has made the nation’s financial markets less competitive.

“We don’t need to change the law,'’ Cox said today at a Washington summit hosted by the U.S. Chamber of Commerce. “We need to change the way it is implemented.'’

Business groups say U.S. laws and regulations need to be revised for the country to maintain its financial dominance. The Chamber advised in a report this week that Congress hand off oversight of Sarbanes-Oxley to the SEC, where it would be easier for regulators to adapt it to “evolving market circumstances.'’

“I want to state clearly this morning that I disagree'’ with the Chamber’s recommendation, Cox said in his first public rebuttal of the business group’s report. “Remember where we were and what happened. We needed decisive action, and Sarbanes-Oxley delivered'’ after accounting frauds eroded investor confidence, he said.

Bloomberg:.com: SEC’s Cox Says He Opposes Weakening Sarbanes-Oxley (Update5)

Key lawmakers and regulators debated the effectiveness of the Sarbanes-Oxley anti-fraud law at a summit on American competitiveness Wednesday, with no quick fix emerging about the often criticized act.

The chairman of the House Financial Services Committee said he’s open to changing parts of the law, which requires costly accounting checks and has been roundly criticized by businesses for being expensive and time consuming.

If there are needed changes, Rep. Barney Frank said in a speech before the U.S. Chamber of Commerce, “we can go forward with that” in Congress.

But Securities and Exchange Commission Chairman Christopher Cox defended the law, saying Congress shouldn’t tinker with it.

Cox said that the SEC is working to eliminate the unnecessary costs of the law and that U.S. markets remain world leaders despite challenges from abroad.

MarketWatch: Sarbanes-Oxley fix debated at competition summit

U.S. regulators will unveil “significant changes” to the implementation of the corporate internal-controls reviews mandated by the 2002 Sarbanes-Oxley Act, Securities and Exchange Commission Chairman Christopher Cox said Thursday.

The U.S. law requires public companies to make an annual assessment of their internal controls over financial reporting, which must be reviewed by the firm’s outside auditor.

Larger companies already are subject to the requirement and many have complained about its cost. Smaller companies have remained shielded from it, but the SEC is working with the Public Company Accounting Oversight Board, the U.S. audit regulator, on an approach that can be tailored to smaller firms with fewer resources.

In coming weeks, the U.S. “will unveil significant changes” aimed at ensuring internal control audits are “top down, risk based and focused on what truly matters” in ensuring accurate corporate financial reporting, Cox told the International Organization of Securities Commissioners in London on Thursday. A copy of Cox’s remarks were released in Washington by the SEC.

Cox said the goal of the changes is to reduce the cost of compliance with the U.S. law while increasing the benefits provided by the annual reviews. He didn’t offer specifics on the changes, expected to come in revisions to the PCAOB’s existing audit standard and new SEC guidance for corporate managers.

Morningstar: SEC’s Cox Assures Changes In Implementing Sarbanes-Oxley

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.

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

Critics of the Sarbanes-Oxley Act have called for action before the powerful US legislation encroaches on Europe’s borders.

A ‘regulatory creep’ scenario is feared because Sarbox’s stringent Section 404 compliance and audit provisions could inadvertently find their way into the UK were the London Stock Exchange to be taken over by a US exchange.

Stateside regulators the Securities and Exchanges Commission (SEC) have tried to reassure concerned parties by increasing their co-operation with the Financial Services Authority.

SEC chairman Christopher Cox, said that neither the body, or their European counterparts would be work to avoid any potential ‘over-reach’ into related. Jurisdictions.

SEC allays concerns over ‘Sarbox ‘regulatory creep’

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