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SEC's Cox Proposes One-Year Delay in Small-Business Sarbanes-Oxley Compliance Dec. 13, 2007 (Associated Press) WASHINGTON - Securities and Exchange Commission Chairman Christopher Cox said he will propose another one-year delay in requiring small public companies to comply with stricter accounting requirements imposed by Congress in 2002. In testimony prepared for delivery Wednesday to the House Small Business Committee, Cox said he thinks an additional delay is warranted. Larger companies already must comply with the requirement, but smaller firms have been shielded from it, given concerns about compliance costs. Cox said the SEC has begun studying the costs and benefits of compliance with a provision of the 2002 Sarbanes-Oxley Act, which requires an annual public company assessment of internal financial reporting controls, subject to further review by the company's outside auditor. |
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