A new survey from Merrill Lynch adds fuel to the fire for a Sarbox rollback.
Costs related to the Sarbanes-Oxley Act seem to be increasing for small businesses, according to a Merrill Lynch report. In fact, 35 percent of small-business CFOs and CEOs predict Sarbox expenses to rise over the next year.
The executives are hoping a new Congress will bring them some Sarbox relief next year when the two legislators who created the 2002 law will no longer be in office. Last week's release of the Committee on Capital Markets Regulation's report from 22 professionals garnered plenty of headlines, and likely the attention of legislators when it blamed Sarbox for the debatable threat of increased American capital going overseas. Having no authority, but the support of Treasury secretary Henry Paulson, the committee claims that the cost burden of Sarbox's Section 404, which requires management's assurance of internal controls, can have a "significant" impact on a small business's decision on whether to enter the U.S. market.
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