From WSJopinion: A SEC proposal to exempt certain companies from a full audit would encourage fraud and hurt investors, writes Arthur Levitt
In May, as the Securities and Exchange Commission weighed a proposal to exempt more small companies from certain audit requirements, Republican SEC Commissioner Hester Peirce, who favors the
exemption, tweeted: “If an investor in a small biotech company had the option of having her money go to an audit of internal controls or the hiring of another scientist, what would she choose?”
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