Reform Recommendations for Sarbanes-Oxley Section 404

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May18

Reform Recommendations for Sarbanes-Oxley Section 404

Linda Chan

Know More: Corporate governance 2.0, Corporate governance

The Securities and Exchange Commission's (SEC) Advisory Committee on Smaller Public Companies issued its report to the SEC on April 23, 2006. The report detailed recommendations to reform cost burdens of Section 404 of the Sarbanes-Oxley Act of 2002 for smaller companies.

The SEC is scheduled to meet on May 22, 2006 to review and possibly adopt the recommendations.
The recommendations include:

a. Defining a group of smaller public companies as smallcap companies to include smallcap companies with less than $787 million market capitalization, and microcap companies with less than $128 million market capitalization. The measurement of market capitalization would take place on the last day of a company’s fiscal year.

b. Providing exemption from Section 404 compliance to microcap companies with less than $125 million in annual revenues.

c. Providing exemptive relief from external auditor involvement in the Section 404 process to smallcap companies with less than $250 million in annual revenues.

There is no timetable on the adoption of the recommendations.

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