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Most small companies think that the financial reform act permanently exempts them from implementing Sarbanes Oxley. This is not a correct assumption. What the act does is to exempt small companies - those with under $75 million in capitalization from Section 404(b) of the Sarbanes Oxley act. The legislation does not affect section 404(a) of the Sarbanes Oxley Act. This section requires management to document and evaluate the effectiveness of internal controls over financial reporting.
The Financial Reform bill also affects many other areas which can have an impact on a company's internal control over financial reporting. For example one aspect of the law affects disclosure requirements on executive compensation.
Please visit our resournce page where we have posted more information on this important topic.