SEC Proposes to Delay Auditor's Attestation Requirement

SEC Proposes to Delay Auditor's Attestation Requirement


By: Valerie Ford Jacob, Daniel J. Bursky, Stuart H. Gelfond, Michael A. Levitt, Paul D. Tropp, Vasiliki B. Tsaganos, Timothy E. Peterson, Karen C. Wiedemann, Sian E. Withey, Francois Hellot, Patrick Jais, Michael Schlitt, Edward T. Kim, Joseph Lee, Victoria S.T. Lloyd, Stephen Mok, Richard A. Steinwurtzel, Joshua Wechsler, Michael Hickman, Anuja A. Majmudar

The U.S. Securities and Exchange Commission has proposed to delay the requirement for non-accelerated filers to include an attestation report of the independent auditor in their annual reports. Under the current internal control over financial reporting requirements, a non-accelerated filer must provide an auditor's attestation in its annual report filed for fiscal years ending on or after December 15, 2008. If the extension is adopted, such companies will be required to begin filing their auditor attestation reports for fiscal years ending on or after December 15, 2009.

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