SEC chairman says the audit section of internal controls requirements can be delayed until 2010
The SEC plans to give small companies more time to meet the compliance demands of section 404.
The onerous rules on internal controls have not been fully rolled out to companies with a turnover of less than $75m, and SEC chairman Christopher Cox said yesterday he intended to give small companies another year to prepare for the change.
Speaking to a US senate committee, Cox said that he plans to propose a further one-year delay 'in order to base our decision on final implementation of section 404(b) on the best available cost data,'
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