Smaller companies may be able to breathe a little easier now that they don't have to worry about external auditors checking out their internal controls until 2009. However, the delay doesn't mean they should sit back and do nothing.
Small Business Times writer William Gienke says small public companies should take advantage of the extra year the Securities and Exchange Commission has given them to fine-tune their internal controls and make sure their assessments are accurate before subjecting them to third-party scrutiny.
Moreover, he says that even private companies and non-profit organizations will benefit from the lessons small businesses learn as they come into compliance with Sarbanes-Oxley. What has been regulated for public companies is simply good business for others.