Manzullo urges SOX reform

Following Wednesday's hearing on Sarbanes-Oxley requirements, House Small Business Committee Chairman Don Manzullo (R-Ill.) issued a statement urging the SEC to heed a recent report from its Advisory Committee on Smaller Public Companies. The report recommended that the commission relax requirements for small companies to comply with Section 404 of the Sarbanes-Oxley Act, which requires that public firms obtain external audits to confirm their compliance with internal financial controls (see BioCentury, April 24, 2006). Manzullo supported the recommendation to exempt smaller companies from the "outrageous regulatory costs" associated with Section 404 compliance. ...