SOX 404(b) Debate Continued: More information from yesterday's meeting

Posted by Teresa Bockwoldt on June 16, 2010

Again, from Fawn.  This is more information about how the permanent Sarbanes-Oxley 404(b) reprieve for non-accelerated filers was first voted down and then approved - both in the same meeting.  More to come. 

"UPDATE: Senate Financial Bill Negotiators Accept Auditing Exemption

By Fawn Johnson


WASHINGTON (Dow Jones)--In a rare victory for congressional Republicans, U.S. Senate negotiators on a broad financial overhaul bill voted Wednesday to exempt small and mid-sized companies from audits required under the 2002 Sarbanes-Oxley accounting law, indicating the exemption is one step closer to becoming law.

House lawmakers earlier agreed to the same language.

Without additional changes, the auditing exemption will be included in the final measure that must be approved by all lawmakers before going to the White House to be signed into law.

Wednesday's vote for the exemption among Senate members of the financial bill's conference committee occurred over the objections of Senate Banking Committee Chairman Christopher Dodd (D., Conn.), but with support of Republicans and some business-friendly Democrats."

Read the full article here.

Tags: audit costs, Non-accelerated filer 404(b) information, Sarbanes-Oxley