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SEC chief accountant says audit relief coming for small businesses WASHINGTON_Revisions to a landmark 2002 anti-fraud law will include relaxing some rules for small public companies in a bid to curb what they say have been excessive costs related to audits, the Securities and Exchange Commission's accounting chief said Monday.
SEC Chief Accountant Conrad Hewitt said regulators are trying to balance the costs and benefits of the Sarbanes-Oxley law's Section 404, which requires companies to file reports on internal financial controls and to fix any problems. Smaller firms especially have complained about the costs of complying with the requirements.
Reducing testing and documentation for businesses between $75 million (?57 million) and $700 million (?531 million) in market capitalization is in the works, and creating a minimum revenue requirement for companies is also a possibility, Hewitt told reporters following his speech at an American Institute of Certified Public Accountants conference.
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http://www.accountantsworld.com/desktopdefault.aspx?page=newsstory&category=newsstory&StoryId=h1212634.3ap
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