Quote of the Day | 01.28.10

“We are writing to urge you in the course of your efforts to reform the financial sector to resist efforts to weaken protections for investors in the Sarbanes-Oxley Act of 2002 (SOX). Specifically, we oppose exempting smaller public companies from compliance with Section 404(b) of the Act. Further, we are troubled by evidence of a proposal to roll back to an arbitrary market capitalization point strengthened internal controls requirements for larger companies that are already in compliance with the provision.”

~ The Center of Audit Quality, in a letter to Senate Banking Chairman Chris Dodd (D-CT) and Ranking Member Richard Shelby (R-AL).