While small companies have been able to avoid complying with the internal-controls of the Sarbanes-Oxley Act for some time, Securities and Exchange Commission Chairman Christopher Cox recently said he now hopes to delay enforcement of compliance on those companies for another year, reports CFO.com.
Cox has asked his fellow SEC commissioners to support his plan to hold off for another year making companies with a market capitalization below $75 million to comply with Section 404(b) of SOX, or the auditor attestation requirement. According to CFO, Cox has informed of his plans to Rep. Nydia Velazquez (D-NY), who has been encouraging the choice.
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