The SEC has approved a one-year delay in the requirement for an audit of internal controls over financial reporting in accordance with Section 404(b) of the Sarbanes-Oxley Act (SOX) for smaller public companies (i.e., those that are not required to file annual and quarterly reports on an accelerated basis). With this extension, the auditor’s attestation report on internal control over financial reporting will be required when a smaller public company (i.e., non-accelerated filer) files an annual report for a fiscal year ending on or after December 15, 2009. It should be noted that this one-year grace period does not relieve smaller public companies of the obligation to provide management’s report on internal control over financial reporting for annual reports for fiscal years ending on or after December 15, 2007.
|
