It won’t happen before the holidays, but smaller companies could soon get a gift they’ve been hoping for: another delay in complying with at least a portion of Section 404.
After months of insisting that no further delays would be forthcoming for small companies (they have already received two in as many years), Securities and Exchange Commission Chairman Christopher Cox last week announced that he now wants another one-year delay for Section 404(b) of Sarbanes-Oxley, which requires external auditors to assess companies’ internal controls over financial reporting.
