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Finance chiefs think that the revised SEC and PCAOB standards won’t change anything because they cancel each other out.

Mismatches between the internal-controls proposals of the Securities and Exchange Commission and the Public Company Accounting Oversight Board will keep compliance with Section 404 of the Sarbanes-Oxley Act overly burdensome and costly, CFOs think.

In letters to the SEC and the PCAOB commenting on the regulators’ proposed revisions to their guidelines, senior finance executives say that the tone and wording of the rules are too different to accomplish their main goal: to get senior top corporate management and audit firms on the same page in assessing and attesting to a company’s internal controls over financial reporting.

CFO.com: “CFOs: 404 Compliance Back at Square One”

Finance chiefs of the world’s seven richest nations agreed over the weekend to look at ways to cut back on overlapping regulations for companies doing business internationally while at the same time recognizing each nation’s unique rules and standards.

The agreement by the finance ministers and central bank governors of the G7 to try to harmonize their regulatory regimes and ease trade in securities across their borders appeared to be the latest attempt by policymakers to take a hard look at regulatory burdens on companies and markets.

In separate remarks to reporters, the Wall Street Journal reported, U.S. Treasury Secretary Henry Paulson said he and his international counterparts are exploring ways to reduce overlapping financial regulations and standards that burden companies operating in the global market.

Regulations including accounting standards mandated by the Sarbanes-Oxley Act of 2002 have come under heavy fire by businesses and some lawmakers who say the rules are driving up the cost of doing business and making the U.S. less competitive.

MarketWatch: G7 takes aim at overlapping regulatory burdens