Small public companies are likely to get some relief from the most burdensome requirements of the Sarbanes-Oxley Act.
Smaller public companies may be in for a regulatory break.
A Securities and Exchange Commission (SEC) advisory panel is expected to recommend as early as December a significant streamlining of the Sarbanes-Oxley auditing and compliance requirements to minimize redundancy and what many financial officers say is an unfair cost burden on small public companies.
"Sarbanes-Oxley costs us $2 million annually, and we can't see the benefit," said Tony Brausen, chief financial officer of Tennant Co. "It was passed in haste [by Congress in 2002] in the wake of the Enron and WorldCom scandals. It doesn't do what those legislators wanted it to do."
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