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SEC Extends Sarbanes Internal Controls Deadline

The SEC is requiring companies that take advantage of this delay to notify shareholders in their annual reports. Meanwhile, if such companies have already discovered material weaknesses in their controls, they are required to disclose them in their annual reports, instead of waiting until they submit their internal controls assessments.

Many corporate watchdogs have praised the internal controls provision as one of the most important reforms of recent years. But a growing number of business leaders has complained about the costs of complying with the rule. Indeed, some business interests have targeted the provision as one of the key areas they'd like to see modified as part of an overall update to the Sarbanes-Oxley Act.

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