SEC Extends Section 404 Auditor Attestation Requirement for Non-Accelerated Filers
October 12, 2009
On October 2, 2009, the SEC announced that it was extending the deadline requiring non-accelerated filers to obtain an auditor’s attestation as to the effectiveness of its internal controls. Non-accelerated filers, companies with a public float below $75 million, must now obtain an auditor attestation beginning with annual reports covering fiscal years ending on or after June 15, 2010. The requirement was previously set to take effect for companies with annual reports covering fiscal years ending on or after December 15, 2009.
The extension was granted so that the SEC’s Office of Economic Analysis could complete a study of whether additional guidance provided to auditors and company managers in 2007 was effective in reducing compliance costs. Since the study was published less than three months before the previous December 15, 2009 deadline, the SEC determined that additional time was appropriate and reasonable so that non-accelerated filers and their auditors can better plan for the required auditor attestation. SEC Chairman Mary Schapiro cautioned that there will be no further extensions and that all companies must move swiftly toward full compliance with Section 404.
http://www.sec.gov/news/press/2009/2009-213.htm
Related Practices