Legislation to ease the burden of Sarbanes-Oxley requirements on small businesses was introduced in the House earlier this month, drawing praise from the Property Casualty Insurers Association of America.
Introduced by Rep. Tom Feeney, R-Fla., the Competitive and Open Markets that Protect and Enhance the Treatment of Entrepreneurs, or COMPETE Act, would establish alternative SOX requirements that smaller companies could comply with. It also would mandate the use of risk-based concepts in evaluating internal controls regarding financial reporting for all public companies.
The bill calls for the Public Company Accounting Oversight Board to assess the efficiency of audit practices in its inspections of public accounting firms, and along with the Securities and Exchange Commission, to clearly define key terms in the SOX law for auditors and accountants.
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