It was a smooth first meeting for Securities and Exchange Commission Chairman Christopher Cox, with the panel voting unanimously to extend the deadline for when small companies will have to have their internal controls documented under Section 404 of the Sarbanes-Oxley law.
Speaking about their commitment to investors, Cox and the four members of the panel said before their vote that the deadline extension was meant in no way to diminish their support for SOX. An SEC advisory group hard requested the second delay in the control rules. As expected, public companies with a market capitalization of less than $75 million will now have until July 2007 to review their financial controls.
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