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Sarbanes-Oxley News
Article:
ACB Calls for Exemption of Community Banks From Requirements of Sarbanes-Oxley Act
Community banks have 11 years experience in filing internal control reports with the FDIC and with their regulators, but are now subjected to reporting under Section 404 under the Sarbanes-Oxley Act (SOX). Bankers are calling for exemption to Sarbanes-Oxley because it is viewed as a "duplicative burden" to an already highly regulated industry. Banking groups are also behind two House bills that would provide relief from Section 404 of SOX compliance to community banks. Section 404 has proven particularly hard on smaller companies and banks with fewer resources, so the SEC and the Public Company Accounting Oversight Board have recently proposed changes to current SOX compliance requirements to lessen the burden. While these efforts have been appreciated by public companies, many feel that the changes don't go far enough for the benefits of Sarbanes-Oxley to outweigh the costs.
The Sarbanes-Oxley News Article
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Reynolds American Selects OpenPages FCM for Sarbanes-Oxley Compliance.
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