The Securities and Exchange Commission is expected to give small public companies another extension to comply with the internal control rule outlined in the Sarbanes-Oxley Act, according to published reports.
Following a recommendation made by the SEC's advisory committee for smaller public companies last month, the SEC plans to extend the compliance date for companies with market capitalizations up to $75 million, to July 2007.
In March, the SEC granted a one-year reprieve for smaller public companies to finish assessing the controls they have in place to prevent accounting mistakes and fraud. Required as part of Sarbanes-Oxley, a company's external auditor must then attest to those controls and file a report on them as part of the company's annual report.
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