The Securities and Exchange Commission approved new guidelines yesterday that try to balance the need for tighter financial controls with the cost of complying with them. It said the new procedures will make it less costly for smaller companies to assess the state of their internal The Securities and Exchange Commission, led by Christopher Cox, is extending the new auditing guidelines to cover smaller companies.
The new standards call for public companies to focus on the areas most prone to potential fraud, streamlining an auditing process that many have called excessive and burdensome.
While big public companies had previously adhered to more rigorous standards, the unanimous vote by the commission’s five members paves the way for this more relaxed set of guidelines to be imposed on the smaller companies that make up the vast majority of American businesses,
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