Article: Expect SOX 2007 reforms to help Audit and not IT 1869
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cioinsight.com/article2/0,1540,2061856,00.asp
We know that everybody is looking for some kind of break when it comes to dealing with Sarbanes-Oxley and in particular Section 404, but you may not want to get your hopes up too high because the insider buzz is that whatever adjustments are going to be made will benefit auditors a lot more than IT organizations.
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I think the general theory is that if additional protection and guidance is given to auditors, their fees for SOX may go down and therefore benefit the US capital markets.
See capmktsreg.org/press.html for the most recent recommendations given.
Overall, I think the lobbyists are more for reform of the regulations than scrapping SOX.