Home / Markets / Industries / Finance

Tuesday, November 03, 2009

Small Business Audit Exemption Set To Pass

By Ronald D. Orol

MarketWatch Pulse

WASHINGTON - A key committee on Tuesday was set to approve legislation that would permanently exempt smaller public corporations from costly audits of their internal controls over financial reporting, a requirement that was imposed originally in the post-Enron Sarbanes-Oxley Act. The provision, introduced by Rep. Scott Garrett, R-N.J., would exempt corporations with $75 million in stock market capitalization or less from a SOX section 404 rule. The Securities and Exchange Commission has periodically extended the deadline for when small public companies must comply with the section. Small companies are still temporarily exempted. The provision was approved as part of larger investor protection legislation by a voice vote, but lawmakers are expecting to have a formal vote on the measure on Wednesday.

Fox Business Video

- The Crisis With 20/20 Hindsight
- Nov 21, 2009
  
  FOXBusiness.com LIVE
- Jerry Rice Talks Career
- Nov 21, 2009
  
  NFL Receiver on career on the gridiron
- John O'Hurley as Venture Capitalist
- Nov 21, 2009
  
  Comedian on life as venture capitalist
- Excess Spending in Congress
- Nov 21, 2009
  
  Saving $100 Million
- Cavuto Business Report 11-20-09
- Nov 21, 2009
  
  Business Report: Cavuto