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House panel ponders rollbacks, including internal control audits

Tammy Whitehouse | July 19, 2017

A House subcommittee is digging into questions of whether federal regulation has hindered the growth of public companies and whether rollbacks are in order, including the holy grail of Sarbanes-Oxley auditing of internal controls.

Noting the decline in the number of public companies over the last 20 years by roughly half, the panel is searching for answers on the effect of federal corporate governance mandates, including the Sarbanes-Oxley Act of 2002, on a company’s decision to become or to remain public.

Rep. Bill Huizenga (R-Mich.), chair of the House subcommittee on capital markets, securities and investments, said he finds it “extremely disturbing” that the number of publicly traded companies is half what it was in the late 1990s. “The main challenges I continue to hear about are how difficult it is to go public and how difficult is is to remain public,” he said.

Tom Farley...

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