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 |
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accelerated filers accounting firms additional assessment audit costs audit firms auditing standard believe benefits burden Chairman Cox Chairwoman VELÁZQUEZ Committee on Smaller community banks company's competitiveness comply with Section concerns control over financial cost-benefit analysis costs for small delay effective external auditors financial reporting financial statements focused go public Greg Meeks ICBA impact implementation of Section internal control internal control audit issue JOE SESTAK lower compliance costs Madam Chairwoman management guidance market capitalization material weakness million Mr.CHABOT Mr.Cox non-accelerated filers PCAOB Testimony June PCAOB's New Standards problems proposed public markets Ranking Member Chabot reduce reform regulations regulatory Regulatory Flexibility Act requirements revenue risk risk-based rules Sarbanes Sarbanes Oxley Sarbanes-Oxley Act Sarbanes-Oxley Section 404 scalable SEC and PCAOB SEC Guidance SEC's Section 404 compliance significant small business small companies small firms smaller public companies Thank U.S. capital markets U.S. Chamber venture capital VERN BUCHANAN
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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 75 - US states and 33 other nations. BIO members are involved in the research and development of health care, agricultural, industrial and environmental biotechnology products.
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.