The US Centre for Audit Quality (CAQ), the
Council of Institutional Investors (CII) and the Charted Financial
Accountant Institute (CFA) have called for efforts to weaken
investor protection of the Sarbanes-Oxley Act (SOX) of 2002 to be

In a letter to the House Financial Services
Committee, the group said Stephen Fincher’s Small Company Job
Growth and Regulatory Relief Act of 2011
would exempt even
more public companies from compliance with section 404(b) of SOX,
which requires an independent audit of a company’s assessment of
its internal controls over financial reporting.

The group said 404(b) compliance costs have
decreased, according to studies by the US Securities and Exchange
Commission, while the independent audit of the effectiveness of
International Centre for Financial Regulation improves the
reliability of financial reports and is important to
well-functioning capital markets.

“We believe that all investors should receive
equal protections with respect to the effectiveness of internal
control over financial reporting by publicly traded companies,”
CAQ, CII and CFA said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.