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SOX deadline may be stretched

SOX deadline may be stretched

by Toby Lucich on January 23, 2007

Small companies may get a reprieve when it comes to complying fully with the Sarbanes-Oxley Act of 2002, a Securities and Exchange Commission official said today.

Speaking at a New York State Society of CPAs conference in New York, SEC chief accountant Conrad Hewitt said that accounting legislation could be extended past 2008 if the costs still exceed the benefits of the law, according to Reuters.

The SEC currently requires companies with a public market capitalization of less than $75 million to conduct a management assessment of their internal controls.

Those companies will not have to have to get an internal controls audit by external auditors until 2008.

SOX deadline may be stretched

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