SEC rules out Sarbanes-Oxley exemption for small firms

Wow, didn’t see this coming!

"The Securities & Exchange Commission (SEC) Wednesday announced that although it has decided to simplify the Sarbanes-Oxley law, it will not exempt smaller companies from the provisions of the law aimed at reducing fraud.

"The SEC mentioned that it will take steps to simplify compliance procedures, while making the regulatory process more efficient and cost effective. The Sarbanes-Oxley Act was passed after investors lost huge funds due to accounting scandals in several companies, such as Enron Corp and WorldCom Inc."