March 27, 2006
I am writing in response to the question of changing the SOX 404 requirements by lifting the size requirements. I fully support this modifications for Small business in the USA. I have been Director of Citizens Bankcorp for the last 8 years. We are currently reviewed and Audited by no less than two banking organizations. One state and one Federal. Sox has added an additional $300,000 in audit and internal expenses to an already audited company. We also file with the SEC on a quartlerly basis. We have been in a preparation mode to meet the current requlations on time and have found little new areas of improvement in our organization from the new rules under Sox.
I in my previous employment at one time was a CPA and Auditor. I see little evidence that these new rules will greatly improve internal controls.
Thank you for your consideration.