RegulationAccounting StandardsRegulators soften Sarbox for SMEs

Regulators soften Sarbox for SMEs

SEC and PCAOB hammer out last minute guidance for SMEs compliance of Section 404

Two US financial watchdogs last night worked out last minute changes to an
auditing standard, in an effort to ease compliance for small and medium-sized
companies.

Heads of the Securities and Exchange Commission
and the Public Company Accounting Oversight Board
hammered out recommendations with new guidance for management and auditors on
the scope of company controls, the FT reported.

The deadline for the SEC to make its rule public is December 13 while the
PCAOB is expected to publish its guidance for SMEs a week before that.

Despite the deadlines however, the PCAOB is understood to still not have
included key recommendations from a 2004 taskforce, which also set out to find
ways of easing the compliance burden of Section 404, for SMEs.

The PCAOB has recently frustrated the SEC, which approves its membership and
budget.

Further reading:

Auditing costs still too high due to Sarbox

An American invasion

SMEs face fair value headache as standards
get nearer

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