SEC extends the deadline for Sarbanes-Oxley compliance for smaller reporting companies

The SEC, in Release No. 33-9072, has extended the deadline for compliance by reporting companies (those withpublic float of less than $75 million) with the auditor attestation requirement under Sarbanes-Oxley Act Section 404(b).  The SEC indicates in their press  release that:

“This extension of time will expire beginning with the annual reports of companies with fiscal years ending on or after June 15, 2010. This expiration date previously had been for fiscal years ending on or after Dec. 15, 2009.”

Smaller reporting companies with a calendar fiscal year will have to comply with the auditor’s attestation of management’s reports on internal controls f or the year 2010. This should give smaller reporting companies a small reprieve from the costs of compliance with Section 404(b) for a short period.