Tuesday, April 04, 2006
SEC rejects exemptions demand
Small companies in the US have failed to secure exemption from parts of the Sarbanes- Oxley Act which requires auditors to certify their compliance with federal laws.
An SEC panel had advised that only the largest 20% of public companies be subject to the checks, which would see auditors verifying systems for protecting assets, reporting financial information and complying with regulations.
But the Chicago Tribune reported today that SEC chairman Christopher Cox has now ruled out any exemption.
The move will disappoint lobbyists, including the US Chambers of Commerce, which had been campaigning for changes.
posted by Brian Moran @ 9:15 AM