WASHINGTON — America's Community Bankers wrote the authors of the Compete Act of 2007 (H.R. 1508) to express support for the bill that would improve Section 404 of the Sarbanes-Oxley Act.
"This legislation will make important improvements to Section 404 of the Sarbanes-Oxley Act (SOX) by clarifying the intent of internal control assessments, establishing standards for reliance on work by others (including federal and state regulatory agencies), and reducing internal control reporting requirements for smaller companies," ACB Executive Vice President and Managing Director of Government Relations Bob Davis wrote. "ACB has long been concerned that the unintended consequences of Section 404 requirements impose costs and other burdens on public companies of all sizes, without commensurate benefits to investors."
He added, "Moreover, community banks are part of a highly regulated industry subject to alternative requirements, heightening the need for relief from the unnecessary and duplicative burdens they face."
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