Gear up for more fighting on SOX 404: An amendment to Senate financial reform bill would exempt companies with less than $150 million in public float from Sarbanes-Oxley’s outside auditor attestation requirement, which would include some companies already complying with the provision.
Sen. Kay Bailey Hutchison (R-Texas) and Sen. Mary Landrieu (D-La.), chair of the Committee on Small Business and Entrepreneurship, have filed an amendment to S. 3217, the “Restoring American Financial Stability Act of 2010,” that would exempt public companies with less than $150 million in public float from complying with Section 404(b).
