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No Sarbanes-Oxley break for small companies

No Sarbanes-Oxley break for small companies

by Rick Turoczy on May 17, 2006

Small companies will not be exempted, as some of them had hoped, from a post-Enron rule to bolster corporate financial controls, but standards underlying the rule will change, said U.S. regulators Wednesday.

Moving to back the rule mandated by Section 404 of 2002′s Sarbanes-Oxley reforms and respond to its critics, the U.S. Securities and Exchange Commission said it will issue better guidance to company managers on how to apply the rule.

The announcement defied an SEC advisory panel that said small companies should be exempted from Section 404. But, as expected, the SEC declined to take such a radical step.

No Sarbanes-Oxley break for small companies

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