Friday, October 2, 2009 - The SEC again postponed, for six months, the requirement to provide the auditor attestation report on the effectiveness of internal controls over financial reporting for the smallest public companies, those with a market capitalization below $75 million. See release at sec.gov.
The smallest public companies with a December 31st year-end, will not have to file an auditor attestation report on the effectiveness of internal control over financial reporting in their annual reports until the year ended December 31, 2010.
SEC Chairman Mary Schapiro stated, "Since there will be no further commission extensions, it is important for all public companies and their auditors to act with deliberate speed to move toward full Section 404 compliance."
Please contact Harriet Leung or Mark Kelly at Rowbotham & Company LLP, should you have any questions in regards to how this will impact your company.
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