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Ready to Report

It may get a little easier for businesses to play by the rules.

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This story appears in the April 2007 issue of Entrepreneur. Subscribe »

Just before the new year, the SEC and the Public Company Accounting Oversight Board held extensive meetings and hearings to consider new rules to guide companies in complying with the Sarbanes-Oxley Act, which sets financial reporting requirements for public companies. Considered overly burdensome, the Sarbanes-Oxley Act has been under constant fire from the business community. The new guidelines may address some small-business concerns.

The main Sarbanes-Oxley provision affected, Section 404, currently requires management to evaluate the company's internal controls over financial reporting and to have that evaluation reviewed by an independent auditor. The new guidelines extend the deadline by which management of smaller companies must evaluate their internal controls and implement independent auditors' requirements.

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