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New Auditing Standard Is Win For Small Businesses

Law360 (May 31, 2007, 12:00 AM EDT) -- After years of protesting stringent corporate governance requirements, small businesses have finally made themselves heard, as evidenced by the testimony of regulators and industry groups at Tuesday's congressional hearing on the U.S. Security and Exchange Commission's recent amendments to the controversial Sarbanes-Oxley Act of 2002.

Issued at the end of May, the SEC's new interpretive guidance for Section 404 of the Act addresses the repeated protests of small businesses, who have long argued that auditing standard two, which governs the process for internal audits at public...
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