No More Delays for Small Businesses on SOX Compliance

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No More Delays for Small Businesses on SOX Compliance Powered By Docstoc
					No More Delays for Small Businesses on SOX Compliance
Anonymous
Business Credit; Nov/Dec 2009; 111, 9; Docstoc
pg. 49




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Description: In October, the US Securities and Exchange Commission (SEC) issued a firm reminder to the US' small businesses that the compliance date for Section 404 of the Sarbanes-Oxley Act of 2002 (SOX) is only nine months away. Come Jun 15, 2010, public companies with a public float below $75 million will have to comply with Section 404's auditing and reporting requirements. The original compliance date for small businesses was for fiscal years ending on or after Dec 15, 2009. The extension was granted to allow the SEC's Office of Economic Analysis to conduct a study to determine whether the agency's previously-issued guidance had successfully reduced the cost of compliance for smaller firms.
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