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Further Sarbox Delay for SMBs Unnecessary, Says SEC

Lora Bentley

Despite protests from the Small Business Administration's Office of Advocacy, the U.S. Senate Committee on Small Business and Entrepreneurship, and other groups, the Securities and Exchange Commission insists that further delay of the Sarbanes-Oxley 404 compliance deadline for smaller public companies is unnecessary, the Los Angeles Times reports.

 

However, SEC Chairman Christopher Cox has indicated that extending the deadline for completion of the "second phase" of reporting -- the external audit required under 404 -- may be warranted. In testimony before the U.S. House Small Business Committee on Tuesday, Cox said an extension would be appropriate if the SEC doesn't approve the Public Company Accounting Oversight Board's proposed streamlined auditing guidelines by the end of the summer.


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