The amendments require a company to include in annual reports a report by management on the company’s internal control over financial reporting and the accompanying auditor’s report. The amendments were initially adopted June 5, 2003, pursuant to Section 404 of the Sarbanes-Oxley Act, according to a news release.
Originally, accelerated filers – generally a company with equity market capitalization over $75 millionand has filed at least one annual report with the SEC – were to begin complying with the amendments on June 15, 2004 and non-accelerated filers were to be compliant by April 15, 2005. Under the new compliance schedule, accelerated files must begin to comply with these amendments for their first fiscal year ending on or after Nov. 15, 2004 and non-accelerated filer must begin to comply with these requirements for their first fiscal year ending on or after July 15, 2005.
Ostensibly, the SEC has also extended the compliance date for related requirements regarding evaluation of internal control over financial reporting and management certification requirements. Included in these related material are certification and related requirements applicable to registered investment companies.