In October 2007, the U.S. Chamber’s Center for Capital Markets Competitiveness (CCMC) with
the assistance of the U.S. Chamber’s Research and Analysis Center (RAC) conducted an on-line
survey to compile data on the projected cost of Sarbanes-Oxley (SOX) Section 404 and its impact
on small businesses. Section 404 requires management and the external auditor to report on the adequacy of the company’s internal control over financial reporting. This report provides an
overview of those survey results.