The Institute of Management Accountants hailed Securities and Exchange Commission Chairman Christopher Cox's plan to delay implementation for one year of Sarbanes-Oxley Section 404(b) requirements for small public companies, but expressed some reservations.

The IMA pointed out that there are still no systematic changes to create a practical implementation framework of SOX 404 for small businesses, so they need to rely instead on consultants and other third parties. The organization complained that the management guidance is too vague and not truly risk-based.

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