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Small business lobby working for SOX exemption.

Publication: Mississippi Business Journal
Publication Date: 27-MAR-06 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Small business lobby working for SOX exemption.(Focus)

Article Excerpt
The federal law known as the Sarbanes-Oxley Act of 2002 was enacted in direct response to accounting scandals at major companies such as Enron and WorldCom. It requires much more detailed financial reporting for public companies to protect shareholders from accounting errors and fraudulent practices. There are criminal penalties of up to 20 years in prison for falsifying information.

Now the act has been in effect for a few years, is it working as intended? Or does it primarily add to the paperwork and cost burden for public companies?

Mercer Bullard, a law professor at the University of Mississippi, said the hot issue right now is the effect of Sarbanes-Oxley on small companies which are trying to obtain a congressional exemption from...

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