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Sarbanes-Oxley exemption

This article was originally published in The Gray Sheet

Executive Summary

AdvaMed and the Medical Device Manufacturer's Association join a coalition of technology associations in an April 3 letter urging the Securities and Exchange Commission to adopt a draft guidance that would ease external auditing requirements for public companies with annual fiscal revenues under $250 mil. The letter states that "this approach will begin to address the disproportionate cost burdens of section 404 requirements that continue to hamper smaller companies' ability to invest in research and development, to gain access to public capital markets, and to remain competitive." Since it was enacted in 2002, the Sarbanes-Oxley Act has required all public companies to pay to have their internal controls checked by an external auditor (1"The Gray Sheet" Dec. 19, 2005, p. 11)...

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