Cox gives companies SOX reprieve

The SEC wants to give smaller companies more time to comply with section 404, Chairman Christopher Cox said this morning.
DEC 12, 2007
By  Bloomberg
The Securities and Exchange Commission wants to give smaller companies more time to comply with section 404 of the Sarbanes-Oxley corporate reform law, Chairman Christopher Cox said this morning. Section 404 of the act, passed in 2002, requires that businesses provide an auditor’s report on their internal controls and outlines management guidance standards. Audit reports are significantly more costly for smaller businesses, so the SEC has not yet required nearly 5,000 companies to comply with that section of the rule, Mr. Cox said. This is the fourth time the SEC has postponed compliance for businesses whose public float of less than $75 million. Mr. Cox said the SEC intends to propose an additional one-year delay. The SEC will conduct a cost-benefit study of the costs associated with complying with section 404 that will be finished in June, 2008, Mr. Cox said. Currently, small companies must comply with the management guidance rule by the end of this year and the auditing section by 2009.

Latest News

The power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound