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Article by Craig V. Butler, Esq. |
If you are an officer or director of a small public company with a fiscal year end of December 31st, as you read this you are about one year away from requesting an auditor attestation report in compliance with Section 404(b) of Sarbanes-Oxley from your company's independent auditor. If your company has a fiscal year end of June 30th, you are much closer as the independent auditor attestation reports mandated under Section 404(b) are schedule to kick in for smaller reporting companies starting with the end of their first fiscal year after June 15, 2010. The purpose of the article is to answer some of the most common questions we are being asked by our clients, as well as, provide a brief overview of what Section 404(b) mandates, determine if any relief is in sight, make suggestions as to what officers and directors of smaller reporting companies should be doing now, and then a brief opinion regarding what this author thinks our legislature should do with Section 404(b) as it applies to small public companies.
Section 404(b) of Sarbanes-Oxley
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