If you are a registered user please log in to see more postings.
 

The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis. All posts prior to September, 2007 are in the public domain, but after September 4, only subscribers to The Analyst's Accounting Observer will see all posts going forward. Only selected, occasional posts will be released to the public domain from September 4 forward.

Subscriptions to full posts available for $500 annually.
Why Not Just Give 'Em Amnesty?
Location: BlogsAAO Weblog (Public)    
Posted by: Jack Ciesielski 2/27/2007 7:02 AM
And be done with it. This continuous deadline-pushing of Sarbanes-Oxley compliance deadlines is just a complete sham.

On second thought ... nahhh.

CFO.com reports that in a letter to SEC Chairman Christopher Cox and PCAOB Chairman Mark Olson, "Senators John Kerry and Olympia Snowe called for an extension in the deadline for companies of less than $75 million in market capitalization to comply with Sarbox 404 rules."

The Sarbanes-Oxley Act was passed in 2002. Big boys have been complying since 2004. And it looks like we've got a gigantic cadre of Peter Pan companies that refuse to grow up. Companies with market caps of less than $75 million have had their deadline for Section 404 management reports extended to 10-Ks for years ending on or after December 15, 2007; their auditors' attestation reports on the same don't show for another year after that.

The Senators want to give them another year. We've seen this movie before, and we'll probably see it again.
Permalink |  Trackback