Further SOX 404(b) Extension Granted to Smaller Reporting Issuers
November 16th, 2009
On October 2, 2009 the SEC granted smaller reporting issuers a further extension from complying with SOX 404(b) until their fiscal year ending on or after June 15, 2010.
The SEC Chairman, Mary Shapiro, stated in the release announcing the extension that no further extensions would be granted. A link to the release is below.
http://www.sec.gov/news/press/2009/2009-213.htm
On November 4, 2009, a bill that will grant permanent exemption from compliance with SOX 404(b) was passed by the House Financial Services Committee. However, the bill must be approved by the full House and by the Senate in order to become law.
SOX 404(b) requires that companies obtain auditor attestation of their internal control over financial reporting. Prior to the extension granted on October 2, 2009, SOX 404(b) compliance was to have applied to smaller reporting issuers with fiscal year ends that occurred on or after December 15, 2009.
Posted in Internal Control Over Financial Reporting, US Corporate Governance, US Securities |