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Sarbanes-Oxley News & Developments
House Subcommittee Hears 404 LamentsTestimony cited an exodus of issuers to exchanges outside the US as well as the Sarbox disproportionate effect on smaller companies.
> > Section 404 of the Sarbanes-Oxley Act came under fire again on Monday, this time by panelists testifying in NY before the Regulatory Affairs subcommittee of the House Committee on Government Reform.
Complying with Section 404, which governs internal controls over financial reporting, has been criticized as particularly burdensome by executives of companies with a market capitalization under $100 million. Wolkoff, who also was critical of the disproportionate effect on smaller companies, called for an exemption similar to that recommended by the SEC Advisory Committee on Smaller Public Companies.
Source: CFO
Published:2006-06-20
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