SEC Seeks Small Business SOX Relief

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In a move designed to benefit smaller companies, the SEC endorsed recommendations to eliminate waste and duplication with SOX compliance.

The new PCAOB standard will be submitted for SEC review by early June, in time for the 2007 financial statement audits.

The SEC staff will be working closely with the PCAOB to make the internal controls provisions of SOX Section 404 more efficient and cost effective.

SEC Chairman Christopher Cox said the result of the new auditing standards should allow the internal control review and audit to focus efforts on “what truly matters.”

According to the Ohio e-CPA Weekly, the SEC will focus now in four areas:

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