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SEC extends Sarbanes-Oxley internal audit deadline for small firms, foreign firms

SEC extends Sarbanes-Oxley internal audit deadline for small firms, foreign firms

by Rick Turoczy on August 10, 2006

The US Securities and Exchange Commission on Wednesday introduced plans to give small public US companies and some foreign companies additional time to comply with restrictive internal control requirements relating to financial reporting. The requirements were adopted by Congress in 2002 as part of the Sarbanes-Oxley Act.

The new requirements would extend the deadline until December 15, 2007 for small companies. Under the plan, the deadline for firms’ outside auditors to evaluate the internal controls will also be extended until December 15, 2008. For foreign firms, the SEC plan would extend the deadline for internal control requirements until July 15, 2007.

SEC extends Sarbanes-Oxley internal audit deadline for small firms, foreign firms

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