The U.S. Senate is poised to pass accounting reform legislation in the wake of recent scandals, but there is opposition — several senators believe it will hurt small businesses, reports the Plumbing-Heating-Cooling Contractors—National Association (PHCC).
The accounting bill, authored by Senate Banking Committee chairman Paul Sarbanes (D-MD), would prohibit accounting firms from auditing the books of publicly traded companies and potentially providing lucrative consulting services at the same time.