SEC defers internal control reports for small public companies
06 Oct 2009
The US Securities and Exchange Commission has given non-accelerated filers (small public companies with a public float below $75 million) a further deferral from complying with the provisions of Section 404(b) of the Sarbanes-Oxley Act of 2002. Section 404 requires public companies and their independent auditors to report to the public on the effectiveness of a company's internal controls.
With the deferral, non-accelerated filers will now be required to provide the auditor attestation reports in their annual reports for fiscal years ending on or after 15 June 2010. The effective date previously had been for fiscal years ending on or after 15 December 2009. Click for SEC Press Release (PDF 29k).
