socialmedian: Panel approves audit exemption for small business

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Panel approves audit exemption for small business

Source: Wall Street Journal

Nov 04, 2009

Summary

WASHINGTON (MarketWatch) -- Lawmakers approved legislation Wedneday to permanently exempt smaller public corporations from outside audits of their internal controls over financial reporting, a requirement that dates from the post-Enron Sarbanes-Oxley Act. Members of the House Financial Services Committee voted 37-32 on the measure. At issue is a provision that would require an outside auditor to declare that the company's internal controls over financial reporting are correct. Small businesses have been temporarily exempted from the requirement since shortly after Congress approved the SOX legislation in 2002.

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