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SEC Begins Small Business Costs and Benefits Study of Sarbanes-Oxley Act Section 404

By Toby Lucich

The Securities and Exchange Commission today announced that its professional staff has commenced a cost-benefit study of an upcoming auditor attestation requirement for smaller companies under Section 404(b) of the Sarbanes-Oxley Act of 2002.

The study will collect and analyze extensive "real world" cost and benefit data from a broad array of companies currently complying with Section 404 under newly-issued guidance for companies and auditors. The new guidance for management and the new auditing standard were intended to reduce the compliance costs of Section 404 while strengthening its focus on material controls. In addition to assessing the Section 404 cost reductions resulting from the Commission's recent actions, the final report also will inform any decision to improve the efficiency and effectiveness of Section 404 implementation.

SEC Begins Small Business Costs and Benefits Study of Sarbanes-Oxley Act Section 404

Full post as published by inside Sarbanes Oxley on February 05, 2008 (boomark / email).