12/11/2006

The SEC will release its long-awaited proposal to revamp the audit requirements of the Sarbanes-Oxley Act on Wednesday, as the agency seeks to ease the regulatory burden on smaller companies. The new, less-stringent rules would impose a "materiality standard" that would urge auditors to closely examine only those procedures with a reasonable risk of having a material impact on financial statements.

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NYTimes.com

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