SMB subject to Sarbanes-Oxley

Wednesday, April 5, 2006
Posted by Brawlin Melgar

Small Businesses Will Not Be Exempt From Sarbanes-Oxley, Says SEC Chairman

Small businesses will not be exempt from Sarbanes-Oxley rules requiring independent auditors to certify they're complying with with securities laws, Securities and Exchange Commission Chairman Christopher Cox said in a statement Monday. Cox is overriding an advisory panel's recommendation that only the largest 20% of public companies be required to have outside accountants, due to the financial costs of such services.

The Chamber supports the small business exemption and is working for other revisions in the Sarbanes-Oxley rules that would make it more affordable for small companies.

For more information, visit: http://www.uschamber.com/issues/index/econtax/corpgov.htm