An advisory panel to the Securities and Exchange Commission may officially asked the agency to exempt businesses with less than $125 million in revenues from the internal control provisions laid out in the Sarbanes-Oxley Act.
The recommendation will be soon be put to a vote before the entire Advisory Committee on Smaller Public Companies.
In the panel's recommendations, the advisory group said that companies with market capitalization of $125 million and revenues under $125 million should be exempt from the rules altogether. And the group said that companies with market capitalization of less than $750 million and revenues less than $250 million should not have to employ independent auditors to attest to the strength of their financial controls.
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