By Cydney Posner

The SEC has announced that it has commenced a cost-benefit study of the SOX 404 auditor attestation requirement for smaller companies. In that connection, the SEC has formally proposed a one-year extension of the SOX 404(b) auditor attestation requirement for smaller companies. (SEC Chairman Cox had previously indicated that this postponement was in the offing--see may email of 12/12/07.) Under the proposed extension, the auditor attestation requirements would apply to smaller public companies beginning with fiscal years ending on or after December 15, 2009. Please keep in mind that the postponement does not apply to the SOX 404(a) requirement for a management assessment of the effectiveness of the company's internal controls over financial reporting,

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