Small Filers Ready for SOX?

Small public companies, also known as “non-accelerated filers,” have been facing for a long time the costs of compliance with Sarbanes-Oxley (SOX) Section 404(b)’s requirement for the external auditor to report on the adequacy of the company’s internal control over financial reporting. Over a year ago, in June 2008, the SEC announced that the 404(b) requirement for small companies was being extended to fiscal years ending on or after Dec. 15, 2009, as a cost-benefit study of compliance costs for small businesses was completed.

In case you missed it … on October 2, 2009, the SEC once again delayed the timing for compliance with 404(b). This time, the delay is only for nine months. And it sounds like this time the SEC means for this to be the last delay. (more…)