Chamber Supports Legislation to Extend SOX Deadline
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The U.S. Chamber of Commerce is supporting a recently introduced bill that would give smaller public companies more time to comply with auditing and reporting requirements under Section 404 of Sarbanes Oxley.
The Small Business SOX Compliance Extension Act by Rep. Scott Garrett (R-NJ) would extend for one year the exemption from reporting requirements for companies with a market value of less than $75 million. Under current rules, these companies would have had to begin complying with Section 404 requirements as early as the end of this year.