Resources for Sarbanes-Oxley (SOX)

House Votes to Give Small Companies More Time on Sarbanes-Oxley

www.bloomberg.com

The U.S. House of Representatives moved toward giving small companies an additional year to adhere to the Sarbanes-Oxley Act's accounting rules, which are being revised by the Securities and Exchange Commission.

House lawmakers voted 267 to 154 to delay a deadline for companies with less than $75 million in publicly available shares to start complying with the law's audit rules. The measure was attached to a $21.4 billion spending measure that funds the White House, the SEC and other agencies.

U.S. Representative Scott Garrett, a New Jersey Republican, proposed the amendment out of concern the audit rules will impose disproportionate expenses on small companies. The vote indicates lawmakers don't think the changes being implemented by the SEC go far enough in reducing compliance burdens.

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