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The PCAOB revised Auditing Standard No. 2 mainly for small companies’ benefit. But large companies tell the regulator the new AS5 will also reduce their audit costs.
The revised auditing standard for internal control over financial reporting could bring cheaper auditing bills for large companies. Some publicly traded companies are estimating that their audit fees could […]

Former Senator Paul Sarbanes, D-Md., who, as the head of the Senate Banking Committee, co-authored the sweeping Sarbanes-Oxley reform act said he supports developing additional guidance for smaller filers but, not surprisingly, dismisses exempting those companies from compliance with the legislation’s rigid Section 404.
“Stop and think about that for a moment,” said Sarbanes in a […]

The Securities and Exchange Commission on Wednesday threw its weight behind finalising fresh guidelines aimed at clarifying how companies and auditors should comply with the Sarbanes-Oxley law.
The move signals that work by the US authorities to ease the burden of compliance with the 2002 law is moving into its final stage three months after proposed […]

New legislation recently introduced in the US Senate aims to ensure that Sarbanes-Oxley Act regulations due to take effect in June do not disproportionately impact the nation’s small businesses.
The Small Business Regulatory Review Act of 2007 would require the Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) to take into account […]

As the SEC and PCAOB continue to revise their internal-control standards, what should small businesses do in the meantime? A few are asking senators for an extension.
More than 6,000 public companies face a serious dilemma about their Sarbanes-Oxley compliance: Should they use the current version of Section 404 now in reviewing internal controls over their […]