WASHINGTON--(BUSINESS WIRE)--Jim Greenwood, president and CEO of the Biotechnology Industry Organization (BIO), released the following statement following a vote today by the U.S. Securities and Exchange Commission’s (SEC) to approve the Public Company Accounting Oversight Board’s (PCAOB) proposed auditing reforms to the Sarbanes-Oxley Act (SOX). The proposal, referred to as Auditing Standard No. 5 (AS5), offers new rules for auditors for companies’ compliance with Section 404 of SOX. Many small businesses, particularly biotechnology companies, have suffered unintended consequences of the corporate governance bill.
