SOX 404(b) for Smaller Reporting Companies - Is It Going To Happen?
We are sitting here waiting to see if SOX 404(b) is going to finally become effective for smaller reporting companies. Currently, it is to become effective for companies with fiscal years ending after June 15, 2010.
But this has been delayed numerous times. The final extension was supposed to be to December 15, 2009, and the SEC had said that was it no more delays. And then it was delayed another 6 months.
Congress was making noise about passing legislation to exempt smaller reporting companies, but as far as we know nothing is in the works on that.
We're very curious at my Firm as to what will happen. We audit 80 or so smaller reporting companies and all will need this done.
Anyone have any thoughts on what is going to happen?
Joel M. Ungar, CPA is a lifelong resident of the Detroit area and a graduate of The University of Michigan. He is a principal with Silberstein Ungar, PLLC, a Top 15 auditor of SEC public reporting companies. Joel writes observations on different matters and especially on working with and using LinkedIn. He thinks he has a sense of humor.