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Sarbanes-Oxley News
Article:
Small businesses struggle with Sarbanes-Oxley
All public U.S. companies must comply with the Sarbanes-Oxley
Act (SOX), which includes the costly Section 404
requirements for financial reporting. Section 404 has
been especially criticized for hurting smaller companies
with fewer resources to devote to SOX compliance. The
burdens of Section 404 compliance include having to
employ the services of accountants, auditors, and lawyers---a
cost that hits smaller companies significantly more
than large ones, according to a recent GAO report that
says companies with less than $75m in market capitalization
spent $1.14 on auditing fees per $100 in revenues compared
with $.13 per $100 for companies with market caps over
$1b. Sarbanes-Oxley has even been blamed for companies
deciding to delist their stock. Small businesses have
received several extensions to reach SOX compliance,
but the deadline is in 18 months.
The Sarbanes-Oxley News Article
About OpenPages
OpenPages is the leading provider of Governance, Compliance and Risk
Management solutions
for Sarbanes-Oxley Compliance, Financial Controls Management, General
Compliance Management, Operational
Risk Management and IT
Governance.
The company’s solutions provide the visibility, decision support and
control to improve accountability, better manage risk, achieve compliance
with numerous regulations, improve operational performance and align strategies
to ensure better results.
Market-leading corporations in financial services, manufacturing, telecommunications,
media/entertainment, retail/consumer, energy, high technology, health services
and life sciences rely on OpenPages to help them achieve sustainable governance,
risk and compliance management -- enabling them to become well-governed businesses.
Founded in 1996, the company is headquartered in Waltham, Massachusetts, with
regional offices throughout North America and international offices in London, Munich, Paris, Tokyo and Hong Kong.
For more information on OpenPages' suite of business governance software solutions
or to register for an online demonstration, please call 781-693-5999 or visit
www.openpages.com.
Reynolds American Selects OpenPages FCM for Sarbanes-Oxley Compliance.
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