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UPDATE 2-SOX audit relief ahead for small cos-US regulators

UPDATE 2-SOX audit relief ahead for small cos-US regulators

by Toby Lucich on December 11, 2006

Small companies will get special treatment under upcoming revisions to a section of 2002′s post-Enron Sarbanes-Oxley (SOX) law dealing with corporate internal financial controls and audits of them, two senior U.S. accounting regulators said on Monday.

U.S. Securities and Exchange Commission Chief Accountant Conrad Hewitt said he “very definitely” expects separate small-company provisions for SOX Section 404 compliance in both a revised auditing standard coming soon from the Public Company Accounting Oversight Board (PCAOB) and new SEC guidance for companies, expected to be unveiled on Wednesday.

“There’s provisions in ours and there will be provisions in theirs … making it easier for small companies to comply,” Hewitt told reporters after speaking at an American Institute of Certified Public Accountants (AICPA) conference.

UPDATE 2-SOX audit relief ahead for small cos-US regulators

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