SMEs face inevitable Sarbox compliance
Only temporary break from rules
The Securities and Exchange Commission has granted small US companies and
foreign companies listed in the US only a temporary break from reporting rules
brought about in the wake of Enron.
Small companies must now turn in a report about the implementation of the
Sarbanes-Oxley Act by 31 December 2007, the SEC said.
The SEC did not say when they would need to turn in an auditor’s report.
Small businesses have complained about the added costs relating to
Conservative business lobby groups are pushing to have Sarbox either scrapped
entirely or modified to be more lenient.