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SEC Rethinks Sarbox and Small Companies

SEC Rethinks Sarbox and Small Companies

by Rick Turoczy on December 21, 2004

The Securities and Exchange Commission is clearly sensitive to the plight of smaller companies that are struggling to comply with new corporate governance rules that apply to large and small companies alike.

Earlier this month the SEC gave many of these smaller companies an extra 45 days to meet a number of the requirements of Section 404 of the Sarbanes-Oxley Act, which guides how auditors report on companies’ assessments of their internal controls.

Now the SEC has created an advisory committee to help examine the impact of that landmark legislation and other federal securities laws on smaller public companies. “The Sarbanes-Oxley Act has already been of enormous benefit to America’s investors and markets and will spur further improvements,” said SEC chairman William Donaldson. “Now the time is ripe to review how the act, including areas like internal control reporting, and other aspects of the SEC’s regulations affect smaller companies.”

SEC Rethinks Sarbox and Small Companies

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