For Immediate Release

Tuesday, October 13, 2009 – Calgary, AB – On October 2, 2009, the United States Securities and Exchange Commission (SEC) granted issuers with public floats of less than $75 million (non-accelerated filers) with an additional six month extension for complying with SEC rules with respect to Section 404(b) of the Sarbanes-Oxley Act (SOX). Section 404(b) requires that issuers' annual reports include an auditor's attestation report on management's assessment of internal control over financial reporting. The effective date for compliance has now been extended to years ending on or after June 15, 2010, from the previous deadline of December 15, 2009.

The extension was granted so that the SEC’s Office of Economic Analysis could complete a study of whether additional guidance provided to company managers and auditors in 2007 was effective in reducing the costs of compliance. Because the study was published less than three months before the December 15 deadline, the Commission determined that additional time was appropriate and reasonable so that smaller public companies and their auditors can better plan for the required auditor attestation.

The SEC Chairman Mary Schapiro went on record on October 2, 2009 to state that, "Since there will be no further Commission extensions, it is important for all public companies and their auditors to act with deliberate speed to move toward full Section 404 compliance."

MNP will continue to monitor regulatory and legislative activity related to the above and will provide updates as they become available. If you would like to speak with one of our Enterprise Risk Service leaders in your area to discuss the impact that the extension may have on your company, please contact our National Enterprise Risk Services leader Gordon Chan at 403.537.8429.

For more information, please refer to the official press release.

About MNP
Meyers Norris Penny LLP is one of the largest chartered accountancy and business advisory firms in Canada. For more than 60 years, MNP has proudly delivered client-focused solutions to mid-market public and private companies. MNP provides assurance, taxation and business advisory services with customized strategies and a local perspective to help clients succeed.

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