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.

The rule – which is the single-most expensive part of the Sarbanes-Oxley legislation – has been widely attacked by trade groups and lawmakers, who want the rule scrapped.

However, consumer advocates have warned that establishing different standards for mid-sized companies would result in the measure being gutted, making financial reports less reliable for investors.

Cox said yesterday he was 'confident' a pact would be reached to both 'improve the reliability of public company financial statements and better protect investors.'

The SEC is to meet on December 13 to issue a new proposal.

Further reading:

Internal audit compromised due to regulatory burdens

US 'must revise Sarbox to stay competitive'

US reins back Sarbox