SOX Center

Jack Ciesielski submits: CFO.com reports that Senators John Kerry (Massachusetts) and Olympia Snowe (Maine) have sent another letter to SEC Chairman Christopher Cox requesting further delay in the implementation of the Sarbanes-Oxley Act’s Section 404 for small companies.

It’s deja vu all over again: they sent a letter to him last February on the same subject.

Here’s a link to the letter. The senators didn’t ask for a specific extension - but wanted an answer from Chairman Cox in 30 days. Last time, the specifically asked the SEC to give small firms until the end of 2008 to have management report on their internal controls, and another year afterwards for the auditors to report on the same.

Yahoo.com: The Protected Class: Senators’ Request For Sarbox Delay - Part II

The Office of Advocacy today praised Securities and Exchange (SEC) Commissioners Paul Atkins and Kathleen Casey for their willingness to reconsider the SEC decision not to extend the deadline for small public firm compliance with section 404 of the Sarbanes-Oxley Act. Advocacy wrote to the commissioners in the wake of the SEC’s decision not to grant postponement of deadlines for public firms with less than $75 million in market value.

In the letter Chief Counsel for Advocacy Thomas M. Sullivan asked the SEC to revisit the issue of compliance deadline extensions for smaller public firms. This request mirrors that of recent letters to the SEC by Senators John Kerry (D- Mass.), Chairman of the U.S. Senate Committee on Small Business & Entrepreneurship, and Olympia Snowe (R-Maine), the Ranking Member.

Kansas City infoZine News: SEC Should Reconsider Sarbanes-Oxley Extensions for Small Business