Technical solutions
13/07/2006 10:14
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A concept release of the Sarbanes-Oxley reform has been published by the Securities and Exchange Commission (SEC) to a warm reception from the Biotechnology Industry Organisation (BIO).
Jim Greenwood, president and chief executive officer of the BIO, has said that he "supports" the act and plans to aid the SEC ensure that it does not impose too heavy a burden on small firms.
He said that the "[concept] release indicates that indicates that the SEC understands the heavy cost burdens associated with the one-size-fits-all approach of Section 404 (internal controls) of the corporate governance act".
"We appreciate the SEC taking steps to incorporate practical, risk-based reform of Sarbanes-Oxley," Mr Greenwood continued. "BIO intends to work with the SEC and other stakeholders in shaping the final guidance so that it does not place unnecessary burdens on smaller public companies."
The concept release is a prelude to the imminent guidance to public firms for assessing the internal controls of financial reporting. Stakeholders such as the BIO can comment on the release for 60 days.
BIO members research and develop healthcare, agricultural, industrial and environmental biotechnology products for 1,100 biotechnology firms and state centres, academic institutions and related organisation in the US and 31 other countries.
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