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SEC Backs SOX Audits For Midsize Cos.

Law360 (April 25, 2011, 10:37 PM EDT) -- The U.S. Securities and Exchange Commission is recommending that medium-sized publicly traded companies remain under the audit requirements in the Sarbanes-Oxley Act of 2002, citing the audit's usefulness to investors.

The report, released Friday by the SEC's office of the chief accountant, concluded that companies with $75 million to $250 million worth of outstanding shares should not be exempted from Section 404(b) of the act, which requires that independent auditors verify the effectiveness of a company's internal controls over financial reporting.

"There is strong evidence that...
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