August 10, 2006
SEC Delays Section 404 Application
The SEC has delayed yet again the application of Section 404 of Sarbanes-Oxley to small companies. Those publicly traded companies with a market value of less than $75 million do not have to attest to internal controls until Dec. 15, 2007 and do not have to have their internal controls audited until Dec. 15, 2008. The SEC, in the meantime, will attempt to re-formulate the section. Can it make a silk purse out of a sow's ear???
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