The Sarbanes-Oxley Countdown is Extended for a Final Time
October 5, 2009 1 Comment
The U.S. Securities and Exchange Commission (“SEC”) announced last week that the deadline for full compliance with Section 404 of Sarbanes-Oxley Act for small companies has been extended for an additional and final nine months. The primary reason for this final extension is the delayed publication of the formal study on the impact of changes to the compliance requirements made in 2007. Here is the formal release from the SEC.
This extension of time will expire beginning with the annual reports of companies with fiscal years ending on or after June 15, 2010. This expiration date previously had been for fiscal years ending on or after Dec. 15, 2009. The extension was granted so that the SEC’s Office of Economic Analysis could complete a study of whether additional guidance provided to company managers and auditors in 2007 was effective in reducing the costs of compliance. Because the study was published less than three months before the December 15 deadline, the Commission determined that additional time is appropriate and reasonable so that small public companies and their auditors can better plan for the required auditor attestation.
“Since there will be no further Commission extensions, it is important for all public companies and their auditors to act with deliberate speed to move toward full Section 404 compliance,” said SEC Chairman Mary L. Schapiro.
So, the final clock is ticking. Does your company need help implementing a cost-effective compliance program? If so, Wheelhouse Advisors can help. Visit www.WheelhouseAdvisors.com to learn more.