SOX and Small Business

The Securities and Exchange Commission (SEC) has created an advisory committee to look at the impact of federal securities laws including Sarbanes-Oxley (SOX) on small businesses. The 21 members of the Committee on Smaller Public Companies is charged with examining the impact of SOX in three key areas:

  • Internal Controls. What financial reporting frameworks are available to smaller companies? How does management assess internal controls and what audit standards exist?
  • Corporate Disclosure, Reporting Requirements, and Governance Requirements. How do market capitalization, size and characteristics, accounting standards and financial reporting requirements, differ for smaller firms?
  • Securities offerings. What are the processes, requirements and exemptions related to public and private offerings of smaller firms.

“Sarbanes-Oxley Act has already benefited America’s investors enormously and will spur further improvements in our securities markets,” SEC Chairman William H. Donaldson stated upon appointing members to the new committee.

You may like these other stories...

BKD LLP adds Illinois accounting firm Wolf & Co.Springfield, Missouri-based CPA and advisory firm BKD LLP and Chicago-based accounting firm Wolf & Co. have agreed to merge, the firms announced on Monday. Wolf will...
Ernst & Young fiscal-year revenue rises 6% to $27.4 billionMichael Rapoport of the Wall Street Journal reported late Thursday that Ernst & Young's (EY) global revenue was $27.4 billion in its latest fiscal year,...
TIGTA recommends improvements to selection of problematic paid preparers for further enforcement actionsThe IRS could improve its selection of problematic paid tax return preparers for further enforcement actions, according...

Already a member? log in here.

Upcoming CPE Webinars

Oct 9In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards.
Oct 15This webinar presents the requirements of AU-C 600, Audits of Group Financial Statements (Including the Work of Component Auditors).
Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.