Regulatory agencies and the U.S. Congress are recognizing both the values and emerging issues for small firms as the Sarbanes-Oxley Act of 2002 (SOX) has been implemented. On April 23, 2006, the Advisory Committee on Smaller Public Companies issued a final report to the Security and Exchange Commission assessing the impact of SOX on smaller public companies (Final Report 2006). A random sample of CEOs, CFOs, and board members of small, medium, and large firms were surveyed and their opinions of the overall impact of SOX on their firm were:
$$
\begin{array}{lccc}
\hline \text { Impact of Sox } & \text { Small Firms } & \text { Medium Firms } & \text { Large Firms } \\
\hline \text { Little or no impact } & 17 & 13 & 6 \\
\text { Moderate to very } & 13 & 41 & 22 \\
\text { major impact } & & & \\
\hline
\end{array}
$$
Construct a cluster bar chart of these findings (Michelson, Stryker and Thorne 2009).