The Securities and Exchange Commission's open meeting, at which the regulator will reveal its proposed changes to the audit and internal controls provisions of Sarbanes-Oxley, is scheduled for tomorrow. Though various reports have hinted at what some of those changes might be, nothing is certain.
The Commission's chief accountant expects the changes to include fewer internal controls and less frequent audits for smaller businesses, according to the International Herald Tribune. And Chase Cooper says that the implementation deadline for small businesses will be extended yet again -- perhaps for an entire year. Other observers say the definition of "materiality" will be clarified.
So far, the only thing we've seen attributed to SEC Chairman Christopher Cox is a prediction that tomorrow's open meeting will be one of the longest on record. The Commission will consider changes to the delisting requirements and new hedge fund rules as well.