Memo from the Securities and Exchange Commission to smaller public companies: Ask and ye shall receive … a delay.
The SEC’s decision last week to extend—yet again—the deadline for non-accelerated filers to comply with Section 404 of Sarbanes-Oxley gives small public companies still more time to get their internal controls in order. Equally important, the delay gives the SEC and the Public Company Accounting Oversight Board more time to redesign the rules around Section 404 implementation, which the two agencies promised to do last May. Piece by piece, that effort is falling into place.
