Small company compliance timeline issues heat up

More than 6,000 small companies are awaiting word on when they'll have to start complying with 404 internal control and attestation requirements. Recall that they've won a series of deadline extensions. As of now, non-accelerated filers, in their 10-Ks for fiscal years that end on or after Dec. 15, 2007, must meet the management assessment requirement. The auditors' attestation reports aren't due until reports are filed for fiscal years after Dec. 15, 2008. The issue now is whether the deadlines will be pushed back again. Some clues have emerged. Chris Cox, chairman of the SEC, has noted that another delay is not the agency's Plan A. He notes that another extension would mean that the first 404 audit reports for small businesses wouldn't be filed until three years from now, in March 2010. He's sticking to the current plans. Which means that small companies should really pay attention to how the current guidance shapes up.

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