Should smaller companies get relief from the need to assess their internal financial controls?
The internal-control requirements are making larger companies and auditors dig deeper and produce better information. Small companies need strong controls, too, but we need a different framework — one tailored to their particular structure. Under the current framework the cost may be enormous. These companies make up only 1% or 2% of market capitalization. I have always encouraged entrepreneurship and growth in the small-business arena, so this must be resolved. You have been adamant that accounting standards are too complex, yet the latest guidelines are dense. Are straightforward standards a dream? I don’t think so. We can’t continue to make financial reporting ever more complex. I would really like to see an international, high-level — almost Presidential-level — panel committed to considering these issues. At the moment we are talking past one another. What do you want to do next? I’d like to take on one more tough challenge where I can make a difference at a major entity that n
