Monday, May 15, 2006

Republicans plan bill relaxing Sarbanes-Oxley law

A group of U.S. Republican lawmakers said on Monday they will introduce legislation this week to modify the landmark Sarbanes-Oxley corporate reform law and exempt small companies from some requirements that have been criticized as too costly.

At issue is a provision, known as Section 404, which requires companies to disclose more about their internal financial controls and outside auditors' opinions on the adequacy of the controls. The Sarbanes-Oxley law was passed by Congress in 2002 to help restore investor confidence after Enron Corp.'s accounting scandal and collapse.

The planned House bill would allow companies with market capitalization of less than $700 million and revenues of less than $125 million to opt out of complying with Section 404, the lawmakers said.

Republicans plan bill relaxing Sarbanes-Oxley law

Send to a friend:

0 Comments:

Post a Comment

<< Home

Previous articles

Ideoblog: Changing SOX

So are you up-to-date on the buzzwords?

SEC Examination Staff to Sponsor Regional Seminars...

Smaller firms paying big to follow Sarbanes-Oxley

SEC's Cox Says Sarbanes-Oxley Tricky in Practice

Sarbanes-Oxley Regulations Driving Small Public Fi...

Whistleblower Mark Livingston Battles Wyeth Pharma...

Sarbanes Oxley : Reactionary Legislation or Planne...

SEC's Cox says Sarbanes-Oxley tricky in practice

Execs tell regulators Sarbanes-Oxley costs exceed ...