News flash: No Sarbanes-Oxley exemptions for smaller companies

Filed in archive SOX by leon on May 18, 2006

As expected, the Securities and Exchange Commission has put out an announcement that smaller companies will not be exempted from the Section 404 rule designed to strengthen financial controls.

What it will do instead is provide companies with better guidance on how to implement the rule. According to the SEC, that and some other small measures including a brief postponement for some companies, should be enough.

"The expected actions will also include SEC inspections of PCAOB efforts to improve Section 404 oversight and a brief further postponement of the Section 404 requirements for the smallest company filers, although ultimately all public companies will be required to comply with the internal control reporting requirements of Section 404."

For more details, check the news reports from Reuters and CFO.com.

Related Entries:

Sarbanes-Oxley: The Good, The Bad and the Ugly - 11 January 2006
Harvey Pitt: Section 404 exemptions "too drastic and no... - 28 April 2006
Senate rejects move to weaken Sarbanes-Oxley - 26 April 2007
SOX compliance: time's up for small companies - 06 June 2007

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The Securities and Exchange Commission has announced that small companies will not be exempted, as some of them had hoped, from the Sarbanes-Oxley rule designed to strengthen corporate financial controls. The SEC instead will provide them with better g...