A new study by the Staff of the Office of the Chief Accountant of the U.S. Securities and Exchange Commission recommends that mid-sized companies should still be subject to reporting requirements established by the Sarbanes-Oxley Act.
The report, which was mandated by Section 989G (b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, focused on the efficacy and compliance costs of SOX. Specifically, the report examined the Section 404(b) of the act, which requires auditors to sign off on internal control over financial reporting (ICFR) assessments and concluded that the investors’ protections engendered by the rules justified the compliance costs incurred by companies.
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