Small public companies won't have to comply with an internal-controls audit requirement for an additional year under a proposal announced last week by the Securities and Exchange Commission. The SEC, which has repeatedly postponed the requirement for smaller firms, said it will seek comment for 30 days on the one-year extension. Smaller firms won't get a break on a related requirement to have corporate managers review internal financial-reporting controls, however.
February 06, 2008 at 12:00 AM
1 minute read
The original version of this story was published on National Law Journal
Small public companies won’t have to comply with an internal-controls audit requirement for an additional year under a proposal announced Friday by the Securities and Exchange Commission.
The SEC, which has repeatedly postponed the requirement for smaller firms, said it voted 4-0 on Thursday for a one-year extension, and will seek comment on it for 30 days.
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