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Making Your Company SOXable: High-Impact Opportunities for Small Cap Companies
You may not have to comply with Sarbanes-Oxley yet, but it is on the horizon. There are many reasons why Sarbanes-Oxley could be in your future. As you have heard, complying with Sarbanes-Oxley is difficult, complex, and time-consuming. Right now, the Sarbanes-Oxley compliance price tag is intimidating, but there are ways to reduce it. By making your company “SOXable”, the cost and complexity of compliance are reduced significantly. Making your company SOXable means putting your company in a position to comply with Sarbanes-Oxley later – with less time and fewer resources. SOXability is the foundation for compliance. Once your company is SOXable, developing controls for this “prepared” environment is easier. This puts your company in a position where rapid compliance is possible. To help you make your company SOXable, this article provides a few discrete steps you can take to improve the structure and operations of your company. As the core of your SOXability effort, though, these projects can make the compliance process much easier. Compliance continues to emerge as an activity extremely important in upper tier markets. As the importance of compliance grows in upper tier markets, the importance of compliance proliferates exponentially through Tier II and over-the-counter markets. While companies traded in upper tier markets tend to have the resources to comply with requirements (such as those in the Sarbanes-Oxley Act), small caps need to invest their resources in growth initiatives more than complex compliance initiatives. They need to invest their funds more judiciously, which makes innovative approaches to compliance crucial. The clock is ticking for all 3,319 companies that trade on the OTCBB and all 10KSB filers. There were 3,560 10KSB filers, meaning that a few hundred of them either trade via a lower level listing program or the pink sheets. The result is that 3,560 publicly traded small and medium-sized enterprises (SME) that currently face compliance challenges, and twice as many may need to prepare for near-term compliance. You may not have to comply with Sarbanes-Oxley yet, but it is on the horizon. There are many reasons why Sarbanes-Oxley could be in your future. If your company is publicly traded already, then you have to comply (if your market capitalization is over $75 million), and if your market cap is under $75 million, then the Sarbanes-Oxley deadline is June 2006. Companies considering an IPO need to consider Sarbanes-Oxley as well – prior to issuing. OTCBB companies that want to graduate to a Tier II exchange, such as Arca Ex, also need to comply with Sarbanes-Oxley as a prerequisite to listing. As you have heard, complying with Sarbanes-Oxley is difficult, complex, and time-consuming. The industry agrees that the cost of complying with Sarbanes-Oxley undoubtedly will be challenging; fortunately, through effective planning, small caps can take action to reduce the total cost of compliance. By making your company “SOXable”, the cost and complexity of compliance are reduced significantly. Making your company SOXable does not mean complying with Sarbanes-Oxley. Instead, it means putting your company in a position to comply with Sarbanes-Oxley later – with less time and fewer resources. SOXability is the foundation for compliance. Once your company is SOXable, developing controls for this “prepared” environment is easier. This puts your company in a position where rapid compliance is possible. To help you make your company SOXable, this article provides a few discrete steps you can take to improve the structure and operations of your company. In addition to preparing your company for Sarbanes-Oxley, these measures generally are beneficial to your company and can generate returns regardless of the future compliance impact. In order to prepare your company for the controls mandated by Sarbanes-Oxley, small companies should preliminarily focus on reorganization and segregation of duties and IT implementation and maintenance processes. These are high-impact opportunities, and they represent organizational and operational measures not normally associated with Sarbanes-Oxley compliance. As the core of your SOXability effort, though, these projects can make the compliance process much easier. Want to know more? Download the White Paper "Making Your Company SOXable: High-Impact Opportunities for Small Cap Companies" for just $49.95. |
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