Members of a U.S. Securities and Exchange Commission advisory panel harshly criticized tough Sarbanes-Oxley accounting requirements on Monday ahead of its expected early 2006 recommendations to minimize compliance costs on small companies.
The SEC Advisory Committee on Smaller Public Companies reserved their harshest words for the internal control audit requirements of 2002's Sarbanes-Oxley Act known as Section 404.
Some panel members derided the 404 requirements not only for high costs, but also for being unimportant to investors. No panel member defended the requirements during the morning session of the public meeting.
See full Article. Also see SEC Press Release.
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