Here's some good news from SEC. SEC has proposed further SOX relief for
Section 404 compliance dates for non-accelerated filers and new public
companies. Under the new proposal for non-accelerated filers, SEC proposes to extend the complaince date from fiscal years ending on or after July 15, 2007 to fiscal years ending on or after December 15, 2007. The compliance date here would mean date by which the management of a non-accelerated filer must report on its assessment of the effectiveness of internal controls over financial reporting.

Under the new proposal issued on August 9, 2006, SEC has also deferred the date by which filers are required to provide in their annual reports an auditor's report on management’s assessment of internal control over financial reporting to fiscal years ending on or after December 15, 2008.

There's some news for new public companies as well. SEC proposes relief for newly public companies (e.g., a company that completes an IPO or otherwise becomes subject to the Exchange Act reporting requirements), including a FPI that lists on a U.S. exchange for the first time. As per the new proposal, new public companies would not be required to furnish a management assessment of internal controls or an auditors statutory report until they have previously filed one annual report with the SEC.

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