On Friday, the Securities and Exchange Commission announced that it is extending the deadline for small companies to comply with Section 404 of the Sarbanes-Oxley Act. According to the SEC press release, publicly traded companies with a public float below $75 million will be required to report on the effectiveness of their internal controls over financial reporting with fiscal years ending on or after June 15, 2010. This is a six-month extension over the previous deadline, which was December 15, 2009.
SEC Chairman Mary Schapiro indicated that this will be the final extension. She said, "Since there will be no further Commission extensions, it is important for all public companies and their auditors to act with deliberate speed to move toward full Section 404 compliance."