A member of the SEC's small business committee charges that a former SEC official is orchestrating public opposition to 404 exemptions
A member of the Securities and Exchange Commission's Advisory Committee on Smaller Public Companies has accused former SEC chief accountant Lynn Turner of coordinating a media campaign opposing the committee's proposals to scale down Section 404 of Sarbanes-Oxley for small companies.
"We do know and can factually point out that the former chief accountant of the SEC, who is quoted in virtually every newspaper article I've seen, is organizing this commentary and has requested some of this commentary," stated committee member James "Drew" Connolly, president of IBA Capital Funding, during the committee's final public conference call Wednesday. Connolly said commentaries opposing the committee's proposals were solicited by Turner and "is not a groundswell of individuals coming together in opposition."
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