and Exchange Commission (SEC) has proposed a one-year extension for small
companies to comply with the Sarbanes-Oxley act while SEC professional staff
start a cost-benefit study of an upcoming auditor attestation requirement for
smaller companies under Section 404(b) of the act.
SEC said the study would collect and analyse extensive ‘real world’ cost and
benefit data from a broad range of companies currently complying with section
404 under the 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
In addition to assessing the Section 404 cost reductions resulting from the
commission’s recent actions, the final report will also inform any decision to
improve the efficiency and effectiveness of section 404 implementation.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure