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Steve Pohlit: Section 404 of Sarbanes-Oxley Should Not Be Exempt For Smaller Companies

Steve Pohlit: Section 404 of Sarbanes-Oxley Should Not Be Exempt For Smaller Companies

by Rick Turoczy on March 11, 2006

Sarbanes-Oxley legislation is fundamental internal controls practice. It is unfortunate that our government had to implement this legislation. From a practical point of view it has no choice considering the corporate scandals and huge financial losses from those scandals. However I have maintained for years that SOX should be a contributor to increased profits and not increased costs. Few agree but that is OK. Now I go further and advocate the expansion of SOX to privately held companies with material third party debt. I advocate SOX be amended to remove the outside auditor’s and outside lawyer’s responsibility for attestation for companies below a certain size if they are public.

Steve Pohlit: Section 404 of Sarbanes-Oxley Should Not Be Exempt For Smaller Companies

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