Small businesses struggle with Sarbanes-Oxley
Published by claudia June 12th, 2007 in SOX, North America, Company News, small business, Sarbox Tags: adhere, businesses struggle, corporate campus, financial reporting, nasdaq, ocean bio chem, sarbanes oxley act, sarbanes oxley act of 2002, scandals, shares trade.You almost have to get lost to find Ocean Bio-Chem, a Fort Lauderdale company that makes the Star Brite brand of cleaning products for boats. It’s hidden away in the back of an industrial park alongside Florida’s Turnpike. Walk into CEO Peter Dornau’s cramped ground-floor office, and Jake, his chocolate Labrador, follows you in.
You get the picture. It isn’t exactly the IBM corporate campus or Coca-Cola’s headquarters.
Nevertheless, Ocean Bio-Chem’s shares trade on the Nasdaq, and like all companies listed on major exchanges, it must adhere to the Sarbanes-Oxley Act of 2002, the stiffened financial reporting requirements introduced in the aftermath of the Enron and fraud scandals.
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