Thursday, May 04, 2006
SOX should be adapted for smaller cos-SEC accountant
A few weeks ago it seemed like smaller companies would see some relief, but it looks like that was just a dream. Besides, smaller companies pose greater investment risk, so internal controls are just as important for them
NEW YORK, May 4 (Reuters) - Investors are seeing real benefits from the implementation of Sarbanes-Oxley corporate reforms, and small companies should not necessarily be exempted from the rules, the U.S. Security and Exchange Commission's top accountant said on Thursday.
Speaking at a financial reporting conference in New York, Scott Taub, acting chief accountant at the SEC, said that contrary to a recommendation from an SEC advisory committee that microcap and smaller companies should be exempted from certain parts of the law, Sarbanes-Oxley should be made to work for smaller companies.
posted by Brian Moran @ 5:25 PM