X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON – House Small Business Committee Chairman Don Manzullo (R-Ill.) said small businesses should be exempt from certain Sarbanes-Oxley corporate governance provisions. Manzullo, who chaired a full committee hearing on the issue May 3, urged the SEC to heed a recent report from its Advisory Committee to Smaller Public Companies and provide waivers to smaller public companies that can not afford the huge auditing and accounting costs of complying with Section 404 of the Sarbanes-Oxley Act. The Advisory Committee report, released in late April, recommends that certain public companies with market values under $128 million should be exempt from Section 404 until appropriate auditing standards are established for these companies, Manzullo said. Shortly after Sarbanes-Oxley was enacted in 2002, SEC estimated compliance costs for Section 404 at about $90,000 annually. In reality, costs have surged to more than $1 million annually on average, Manzullo pointed out. Smaller public companies with market values under $75 million have until July of 2007, to comply with Section 404, under current SEC rules.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.