The SEC has voted to extend the deadline again for when small companies will have to have their internal controls documented under Section 404 of the Sarbanes-Oxley law. Public companies with a market capitalization of less than $75 million will now have until a year from next summer to review their financial controls.
Under the new compliance schedule, a company will begin to be required to comply with the Section 404 requirements for its first fiscal year ending on or after July 15, 2007.
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