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Sarbanes-Oxley News
Article:
Greenwood to Congress: Proposed Sarbanes-Oxley Reforms Provide Marginal Improvement
The President and CEO of a group that represents the biotech industry testified to the House's Small Business Committee that the SEC and Public Company Accounting Oversight Board's proposed changes to the Sarbanes-Oxley Act (SOX) provide only a "marginal improvement." Section 404 of Sarbanes-Oxley has been a point of contention, especially for smaller public companies, since its inception. SOX compliance costs for Section 404 have been disproportionately large for smaller companies with more limited infrastructures. To reduce costs, the SEC and PCAOB have proposed allowing companies and auditors to take a more top down, risk-based approach, though some say there is still room for improvement. Additional criticism includes that omitting the definition of a small company for use by auditors in evaluating SOX compliance reduces the ability to provide a scaleable, and less expensive, audit.
The Sarbanes-Oxley News Article
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Reynolds American Selects OpenPages FCM for Sarbanes-Oxley Compliance.
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