SEC Gives Small Companies SOX Breathing Room

Law360, New York (December 15, 2006, 12:00 AM EST) -- The U.S. Securities and Exchange Commission gave small public companies an early Christmas gift Friday by again extending the date by which they must comply with the Sarbanes-Oxley Act’s internal control rules.

The SEC said that it wanted small companies to benefit from guidelines proposed to make the internal control rules mandated by Section 404 less costly. Section 404 mandates that annual reports contain a statement of management responsibility and a managerial assessment of the effectiveness of the company’s internal controls.

The original date for compliance...
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