Full Committee Hearing on Sarbanes-Oxley Section 404: Will the SEC's and PCAOB's New Standards Lower Compliance Costs for Small Companies?, Volume 4
U.S. Government Printing Office, 2007 - Auditing, Internal - 131 pages
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404 compliance accounting additional adopted allow already analysis answer approach assessment auditing standard auditors banks believe benefits Board burden capital markets Chairman Chairwoman ChairwomanVELAZQUEZ changes Commission Committee company's competitive complex compliance costs comply concerns Congress consider continue create critical delay effective effort evaluation Exchange experience fact filers financial reporting firms focus going guidance hearing impact implementation important improve independent inspections intended internal control investment investors issue June less look lower material million NASDAQ objective opportunity particularly PCAOB problems proposed protection question reasonable reduce reform regulations regulatory Regulatory Flexibility Act Representatives requirements result revised risk rules Sarbanes-Oxley scalable SEC and PCAOB SEC's Section 404 securities significant small business small companies smaller public companies statements Testimony testing Thank Velazquez venture weakness
Page 106 - Chamber's members are small businesses with 100 or fewer employees, 71 percent of which have 10 or fewer employees. Yet, virtually all of the nation's largest companies are also active members. We are particularly cognizant of the problems of smaller businesses, as well as issues facing the business community at large. Besides representing a...
Page 106 - ... employees. Yet, virtually all of the nation's largest companies are also active members. We are particularly cognizant of the problems of smaller businesses, as well as issues facing the business community at large. Besides representing a cross section of the American business community in terms of number of employees, the Chamber represents a wide management spectrum by type of business and location. Each major classification of American bu&ioess - manufacturing, retailing, services, construction,...
Page 59 - Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports.
Page 104 - The Chamber's mission is to advance human progress through an economic. political and social system based on individual freedom. incentive. initiative. opportunity and responsibility.
Page 68 - An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements"; PCAOB Auditing Standard No.
Page 122 - A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.
Page 61 - Board, to oversee the audit of public companies that are subject to the securities laws, and related matters, in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports for companies the securities of which are sold to, and held by and for, public investors.
Page 97 - USC 78c(a)(47)) is amended by inserting "the Sarbanes-Oxley Act of 2002," before "the Public". SEC. 3. COMMISSION RULES AND ENFORCEMENT. (a) REGULATORY ACTION. — The Commission shall promulgate such rules and regulations, as may be necessary or appropriate in the public interest or for the protection of investors, and in furtherance of this Act. (b) ENFORCEMENT. — (1) IN GENERAL. — A violation by any person of this Act, any rule or regulation of the Commission issued under this Act, or any...
Page 97 - Whenever pursuant to this title the Commission is engaged in rulemaking and is required to consider or determine whether an action is necessary or appropriate in the public interest, the Commission shall also consider, in addition to the protection of investors, whether the action will promote efficiency, competition, and capital formation.