SEC Endorses Streamlined SOX Rules
The Securities and Exchange Commission on April 4 unanimously endorsed easing auditing and recordkeeping requirements under the Sarbanes-Oxley Act. The agency's professional staff designed its recommendations to eliminate waste and duplication in the SOX compliance process. In offering their support for those recommendations, the commissioners also signaled their intent to...
April 05, 2007 at 07:46 AM
3 minute read
The original version of this story was published on Law.com
The Securities and Exchange Commission on April 4 unanimously endorsed easing auditing and recordkeeping requirements under the Sarbanes-Oxley Act.
The agency's professional staff designed its recommendations to eliminate waste and duplication in the SOX compliance process. In offering their support for those recommendations, the commissioners also signaled their intent to give quick approval to changes in auditing standards being finalized by the Public Company Accounting Oversight Board (PCAOB).
In a statement, the SEC said it expects the new PCAOB standards to be submitted for commission approval no later than early June, in time for the 2007 financial statement audits.
“These needed improvements in the Sarbanes-Oxley process are especially urgent for smaller companies, who will begin complying with Section 404 (the internal controls provisions of SOX) this year,” said SEC Chairman Christopher Cox.
The SEC and PCAOB staffs have been working together since May 2006 on revised SOX rules that would reduce the financial recordkeeping required of companies without jeopardizing the protection of investor interests. The commissioners urged the SEC staff to continue to work closely with the PCAOB to make the internal controls provisions of SOX more efficient and cost effective.
The Securities and Exchange Commission on April 4 unanimously endorsed easing auditing and recordkeeping requirements under the Sarbanes-Oxley Act.
The agency's professional staff designed its recommendations to eliminate waste and duplication in the SOX compliance process. In offering their support for those recommendations, the commissioners also signaled their intent to give quick approval to changes in auditing standards being finalized by the Public Company Accounting Oversight Board (PCAOB).
In a statement, the SEC said it expects the new PCAOB standards to be submitted for commission approval no later than early June, in time for the 2007 financial statement audits.
“These needed improvements in the Sarbanes-Oxley process are especially urgent for smaller companies, who will begin complying with Section 404 (the internal controls provisions of SOX) this year,” said SEC Chairman Christopher Cox.
The SEC and PCAOB staffs have been working together since May 2006 on revised SOX rules that would reduce the financial recordkeeping required of companies without jeopardizing the protection of investor interests. The commissioners urged the SEC staff to continue to work closely with the PCAOB to make the internal controls provisions of SOX more efficient and cost effective.
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