SEC Should Take a Stand on SMB Sarbox Compliance
Thursday, April 3rd, 2008The SEC has delayed Sarbanes-Oxley compliance for small businesses so many times that many small businesses have been lulled into inaction where compliance is concerned.
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Basilo: SEC Should ‘Just Say No’ to More Sarbox Delays for Small Business IT Business EDGE - Lora Bentley |
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It’s time for the Securities and Exchange Commission to put its collective foot down and require small cap filers to comply with Sarbanes-Oxley, says WithumSmith+Brown Global Assurance CEO Thomas Basilio. The SEC made the latest delay for SMB Sarbox compliance official earlier this year, he says. Even though it’s the third such delay — or maybe because there have been so many delays — not many small businesses have made any progress toward compliance. And until they know that the SEC is going to enforce Sarbanes-Oxley against them, they may not do so. One alternative that Basilio suggests is making Section 404(b) compliance voluntary for small companies and allowing those who are compliant to advertise themselves as such.
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