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Sarbanes-Oxley News & Developments
Small Companies May Be Excused from 404SEC committee votes overwhelmingly that most companies with a market capitalization below $700 million be excused from assessing their internal controls over financial reporting and from having their auditors certify those controls.
> > The SEC Advisory Committee on Smaller Public Companies has recommended to the full SEC that smaller businesses no longer be required to comply with the Section 404 provisions of Sarbanes-Oxley.
The advisory committee voted 18 to 1 that most companies with a market capitalization below $700 million be excused from assessing their internal controls over financial reporting and from having their auditors certify those controls. The committee also recommended that most companies with a market cap below $100 million be exempted from Sarbanes-Oxley entirely; the current threshold is $75 million.
Source: CFO
Published:2005-12-16
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