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Small businesses fight back over SOX

Small businesses fight back over SOX

by Rick Turoczy on April 18, 2006

The Sarbanes-Oxley Act of 2002 (SOX) was brought in following several large-scale collapses in shareholder investments following dubious accounting practices in publicly quoted firms. It imposed rigorous requirements for effective controls over financial reporting – Section 404 of the Act. The cost impact of this has been estimated as $3M for each $1 billion in turnover for large companies with audit company fees doubling for small to medium sized companies (SMEs).

The report will be considered by the SEC on May 10th when they will carry out a full review of the second year of the implementation of Section 404.

Small businesses fight back over SOX

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