Delay on Sec. 404 for SME

SEC Chairman Christopher Cox plans to propose giving non-accelerated filers another year’s extension before they must get an auditor’s attestation on their internal controls, as required by Section 404 of Sarbanes-Oxley. Speaking at a House committee hearing Wednesday morning, Cox said the SEC will launch a study of Section 404 costs and benefits early next year; according to Cox, forcing non-accelerated filers to comply with Section 404(b) before that analysis was complete would be unwise.

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