SEC Chairman Christopher Cox told the House Small Business Committee that he planned to propose a one-year delay in imposing Sarbanes-Oxley Section 404 requirements for small public companies to audit their internal controls.
The delay will help the commission to complete a study of the compliance costs of the SOX provision. “I intend to propose to the Commission that that we authorize a further one-year delay in implementation for small businesses in order to base our decision on final implementation of Section 404(b) on the best available cost data.”
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