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SEC May Soften Audit Rules For Small Companies

Law360 (August 9, 2006, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission on Wednesday proposed giving small public companies and many foreign companies more time to comply with internal control provisions of the Sarbanes-Oxley Act.

If the new regulations are adopted, domestic and foreign companies with a market value of less than $75 million would have the initial compliance date to provide a management assessment of internal controls moved from July 15, 2007 to Dec. 15, 2007.

Smaller companies would also get an extension until Dec. 15, 2008 to provide an outside...
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