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Next from Sarbox: Industry Exemptions?

Next from Sarbox: Industry Exemptions?

by Rick Turoczy on July 21, 2006

Dig up evidence of document retention procedures for auditors, or work on a viable treatment for prostate cancer. Print out screen shots that support testing of general computer controls, or answer an important phone call from a high net worth client. The choice is obvious for biotech and community bank executives who contend that meeting the Sarbanes-Oxley Act’s Section 404 requirements are diverting money and attention away from conducting business in a more efficient manner.

Section 404 requires companies to detail and attest to their internal controls. And cost-benefit debate related to complying with the provision has been widely reported, with executives of smaller public companies contending that they are unfairly burden by the law. While that may be true—or not—there is growing concern among executives within certain sectors that they too are being unfairly burdened by 404 compliance.

Next from Sarbox: Industry Exemptions?

{ 1 comment… read it below or add one }

Anonymous October 3, 2006 at 7:29 am

Great, just what we need, more red tape! Ugggg..

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