The Sarbanes-Oxley Act (SOX) may be declawed by upcoming US Congress and Supreme Court decisions. The House of Representatives recently voted to approve the Garrett-Adler amendment, which would exempt small companies from SOX Section 404 provisions, while the Supreme Court is considering the constitutionality of the Public Company Accounting Oversight Board. Section 404 of SOX requires company auditors to attest to the soundness of the firm's internal controls and financial statements. The deadline for small firm SOX compliance has been extended four times, but they won't need to comply at all if the Garrett-Adler amendment makes it to the Senate floor as a standalone bill.
Bye, Bye, SOX? Anonymous Information Management Journal; Mar/Apr 2010; 44, 2; Docstoc pg. 11 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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