(Oct. 2, 2009) Earlier today, the U.S. Securities and Exchange Commission issued a press release announcing that its study on the cost-benefit of internal control reporting under the current rules of the SEC and PCAOB implementing Sarbanes-Oxley Section 404 has been published. The study, formally titled, "Study of the Sarbanes-Oxley Act of 2002 Section 404 Internal Control over Financial Reporting Requirements" is referred to informally as SEC's cost-benefit study.
The press release also notes that the SEC has decided to extend once again the deadline for small public co's (nonaccelerated filers, defined generally as co's with less than $75 million market cap) to file their first auditor's report on internal controls under Sarbanes-Oxley Section 404b.
Without the extension announced today, small co's would have been required to file their first auditors's report on internal control for fiscal years ending on or after Dec. 15, 2009. Under the extension announced today, the new deadline for small co's to file their first auditor's report on internal control will begin with annual reports of companies with fiscal years ending on or after June 15, 2010.
Small public co's, like their large co. brethren, already have filed their first Management report on internal control under Sarbanes-Oxley Section 404a; only large co's (accelerated filers with over $75 million market cap) have been required to file both the management report (Sarbox 404a) and external auditor's report (Sarbox 404b) on internal control so far.
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