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Testimony Concerning The Sarbanes-Oxley Act of 2002 and Its Impact on Small Businesses

Testimony Concerning The Sarbanes-Oxley Act of 2002 and Its Impact on Small Businesses

by Toby Lucich on April 19, 2007

Chairman Kerry, Ranking Member Snowe, and Members of the Committee:

I am pleased to appear today on behalf of the Public Company Accounting Oversight Board (“PCAOB” or the “Board”). to speak about the impact of the Sarbanes-Oxley Act of 2002 (the “Act”) on small business, and, in particular, the PCAOB’s oversight of small audit firms. I am also pleased to join Chairman Cox before you today. The PCAOB works closely with the Securities and Exchange Commission (“SEC”) to achieve our shared goal of protecting the interests of the investing public in the preparation of informative, accurate and independent audit reports on public company financial statements.

I. Introduction and Background

This Committee’s focus on small business and entrepreneurship and the Committee’s particular focus today on the impact of the Act are both appropriate and very timely. The PCAOB, along with our colleagues at the SEC, are in the final stages of replacing Audit Standard 2, which I will later describe in greater detail. A priority concern that triggered our current efforts is the desire to assure that the audit standard mandated by the Act can be conducted in a manner consistent with the size and complexity of America’s small publicly traded companies.

Testimony Concerning The Sarbanes-Oxley Act of 2002 and Its Impact on Small Businesses

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