Business Services Industry
Smaller firms consider halting SEC filings as Sarbanes costs rise.(Focus)(Securities and Exchange Commission)
Crain's Detroit Business, April, 2005 by Merx, Katie
Byline: Katie Merx Michigan Heritage Bancorp and Federal Screw Works are among dozens of companies nationwide that have stopped filing federal financial reports to save money and avoid the hassle of complying with the final phase of Sarbanes-Oxley Act reforms. "It made a lot of sense for us to do this,'' Michigan Heritage President and CEO Anthony Albanese said of his company's decision to stop filing reports with the U.S.
Securities and Exchange Commission. "We've been laboring with Sarbanes-Oxley for a couple of years now. We were able to get through that until this year, when Section 404 was to take effect.'' Section 404 of the Sarbanes-Oxley Act requires companies to establish internal financial controls and then report those processes and the...
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