William Donaldson (2003-2005), Harvey Pitt (2001-2003), Arthur Levitt (1993-2001) and Richard Breeden (1989-1993) -- all of whom are now in the private sector -- tended to agree on most matters during a discussion at a Council on Foreign Relations forum in Manhattan.

However, divergent opinions emerged when Levitt said he does not believe a single, global accounting system is achievable. He later explained, in an interview with CFO.com, that such a goal is "politically and culturally impossible."

Donaldson disagreed: "The long-term goal of a common standard is a good thing throughout the world, particularly for US investors," he said. "The bringing together of two systems is proper and reflects globalization."

The chairmen also tackled the new proposal from the SEC's Advisory Committee on Smaller Public Companies to relax a Sarbanes-Oxley provision (Section 404) for companies with a market cap below $787 million. The provision in question currently requires that public companies explain their internal controls each year, and that outside auditors attest to the controls' effectiveness.

Levitt shared his already public stance against the suggestion to set up two standards for internal controls based on companies' size. Last month he wrote in a Wall Street Journal commentary that "these proposed changes will harm, not help, small companies." During Wednesday's panel, he called it "absolutely wrong."

Pitt supported Sarbanes-Oxley as a "vital" law, but faulted its "'one size fits all' methodology, which makes absolutely no sense."

Another former chairman, Breeden, downplayed the compliance costs resulting from 404. "The cost of 404 in the aggregate, from every single public company, is probably one ten-millionth of the cost of executive compensation. I don't hear anybody saying we should get rid of executive compensation," he said.

Sources: Reuters, CFO.com, AccountancyAge