In testimony on December 12 before the Committee on Small Business of the US House of Representatives, Securities and Exchange Commission Chairman Cox stated that he will propose to the full Commission a further one-year delay in the implementation for “non-accelerated filers” of the external audit firm attestations required under Section 404(b) of the Sarbanes-Oxley Act. Under the current schedule, such companies would be expected to begin compliance with SOX 404(b) for fiscal years ending after December 15, 2008. In order to provide time to evaluate an SEC survey of costs and benefits of SOX 404 compliance under new Auditing Standard No. 5, expected to take place in early 2008, the implementation of SOX 404(b) for such non-accelerated filers is now proposed to begin for fiscal years ending after December 15, 2009.

 www.house.gov/smbiz/hearings/hearing-12-12-07-sox/testimony-12-12-07-SEC.pdf