Small Businesses Awarded SOX Extension
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The House approved a U.S. Chamber of Commerce-supported amendment that extends the current moratorium for Section 404 compliance (of the Sarbanes-Oxley law) for small businesses through FY2008.
The amendment, which was part of an appropriations bill, will give smaller public companies with a market value of less than $75 million, more time to comply with Section 404 of Sarbanes Oxley by extending for one year the exemption from reporting and auditing requirements.