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Effort to roll back Sarbanes-Oxley gains strength

Effort to roll back Sarbanes-Oxley gains strength

by Rick Turoczy on February 20, 2006

A Securities and Exchange Commission advisory panel is expected to move forward Tuesday in urging the agency to drop a key part of the Sarbanes-Oxley corporate reform law to ease the reporting burden for small companies.

With a meeting of the SEC’s Advisory Committee on Smaller Public Companies set for Tuesday, the panel suggested in draft recommendations that the law’s stiff internal controls accounting requirements – known as Section 404 – should be eliminated for companies that meet certain size requirements.

Since its founding in December 2004, the 21 corporate executives, lawyers, accountants, and investment professionals on the SEC advisory panel have used the committee mostly as a forum for complaints about what they see as Sarbanes-Oxley costs that far exceed its benefits.

Effort to roll back Sarbanes-Oxley gains strength

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