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This study adds on prior studies that have examined SOX 404 effect on external audit fees, internal controls and financial restatements. The paper examined the outcomes of Dodd–Frank Act that have exempted non-accelerated filers from SOX 404 (B). Where through this paper it has been assumed that this Act has decreased SOX 404 compliance costs on non-accelerated filers, and it also suggested that this Act did not have any negative effects on the effectiveness of the internal controls forthese companies.   After performing a correlation analysis on this assumption the results turned out to be consistent with what was previously assumed. Where the correlation results indicated that external audit fees for non-accelerated filers had declined, and the internal controls deficiencies count showed a constant declining trend. The paper examined also the extent to which investor’s confidence has been enhanced through the implementation of SOX 404. The assumption that was assumed in this paper was that; when a restatement is announced the amount of demand on that company’s share will decline resulting in a decrease in the share price. The results of the correlation analysis that was performed on this assumption showed that after implementing SOX 404 the financial restatements announcements stopped to have the same negative effect on share prices, in relation to the before implementation period. The finding that led to the conclusion that SOX 404 has successfully enhanced investors’ confidence.

The Impact of Sarbanes Oxley 404 Exemption on; Non-accelerated filers, Investor’s Confidence And External Audit Fees