Monday, December 11, 2006

SOX Help Finally on the Way?

Forty-eight hours from now, venture-backed companies looking to go public may dwell in a very different regulatory universe from the one they have known since 2002, when Sarbanes Oxley was first enacted.

That’s the optimistic view coming from Conrad Hewitt, chief accountant of the U.S. Securities and Exchange Commission, and echoed by an insider at a Big Four accounting firm who wished to remain anonymous.

What’s expected, at least from the accounting profession, is that VC-backed companies will get an early Christmas on Wednesday, when new guidance from the SEC for small companies is expected to be unveiled.

Mr. Hewitt has said forthcoming SEC and Public Company Accounting Oversight Board provisions will make it easier for small companies to comply with SOX, particularly the controversial section 404, which governs how a company’s internal controls are certified.

SOX Help Finally on the Way?

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