SOX Center

John Kerry and Olympia Snowe want another delay for small companies.

Senators John Kerry and Olympia Snowe have sent another letter to Securities and Exchange Commission chairman Christopher Cox asking him to give small companies more time to prepare for complying with the internal-control provisions of the Sarbanes-Oxley Act.

The small-business committees in both the House and Senate have recently met with Cox and Public Company Accounting Oversight Board Chairman Mark Olson to go over how the revised management guidance and corresponding new auditing standard for internal control over financial reporting address the concerns of small businesses. Those companies with a market capitalization of less than $75 million must include 404 management reports starting with their 10-Ks filed on or after December 15, 2007 and auditor-attestation reports one year later.

CFO.com: Senators Urge SEC to Delay 404, Again