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Sarbanes-Oxley compliance for SMBs: Quiz answers

Dec. 15 is quickly approaching. For public SMBs, this means the extended Sarbanes-Oxley deadline is almost here. Is your company prepared? Are you? Take our quiz on the latest SMB-related Sarbanes-Oxley news to find out.

How did you do on our Sarbanes-Oxley compliance quiz? Find out with the answers:

In "Sarbanes-Oxley 404 exemption defeat means status quo for SMBs," Senior News Writer Linda Tucci reports that the U.S. Senate snuffed out a Republican-led effort to loosen Sarbanes-Oxley compliance rules for SMBs. Read the story to answer the following four questions:

1. How many Senators voted against the amendment?
a. 62

2. The defeated amendment would have made compliance with Section 404 optional for SMBs with a total market value of:
c. Less than $700 million

3. SMBs of what size have already been exempt from providing the audited internal control reports required by Section 404?
b. Less than $75 million in public equity

4. Who is the chairman of the U.S. Securities and Exchange Commission?
c. Christopher Cox

In "Sarbanes-Oxley compliance costs drop, better processes credited," News Writer Shamus McGillicuddy reports that a new survey found that Sarbanes-Oxley compliance is getting cheaper. Read the story to answer the following four questions:

5. How much did the average company's Sarbanes-Oxley compliance costs drop to in 2006?
a. $2.9 million

6. How many hours did the average company spend on implementing IT-based controls in 2006, according to the study?
a. 4,700

7. How much did external auditor fees drop by in 2006?
b. 11%

8. Compared with the $1.67 million spent by companies with consolidated IT systems, how much did decentralized companies with multiple systems report spending on compliance in 2006?
c. $4.86 million

In "Sarbanes-Oxley advice for smaller, public companies," expert James Champy offers some tips for those trying to do more with less in achieving compliance. Read his column to answer the following two questions:

9. What are some of the compliance challenges for smaller companies?
d. All of the above.

10. Whom does Champy suggest IT managers at SMBs talk to about controls that need to be operating within your shop and what attestations you will be asked to make?
a. Your CFO

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