Small business concerns over Sarbanes-Oxley Act compliance resurfaced on Capitol Hill as the Securities and Exchange Commission and the Public Company Accounting Oversight Board came under new pressure to delay costly and cumbersome internal control audit requirements on small companies for at least another year.At the beginning of a new round of congressional hearings, House Small Business Committee chair Nydia M. Velázquez, D-N.Y., called on both the SEC and the PCAOB to scuttle plans to implement a freshly revised set of SOX rules.
"Before we set timeframes, we need to know that these guidelines will work," Velázquez said. "I strongly urge the SEC to delay the implementation of these regulations and to thoroughly test these guidelines to enable us to fully grasp the true impact on small businesses."
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