A Securities and Exchange Commission advisory panel formally recommended Thursday that thousands of small public companies be excused from complying with a key requirement of the 2002 Sarbanes-Oxley Act.
In its final meeting, the Advisory Committee on Smaller Public Companies wrapped up its report recommending the SEC roll back a number of rules as they affect small companies. The most controversial change would allow the agency to ease �404 financial reporting over internal controls. An estimated 80 percent of public companies would benefit from the exemption, which would allow them to escape from the rule mandating that an outside auditor attest to their internal controls’ effectiveness.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]