SEC Section 404 Most Recemt Updates for Smaller Reporting Companies

We are sending this memo to smaller reporting companies to caution them that inadvertently (or intentionally) omitting the management assessment from this year’s 10-K or 10KSB will make them delinquent. It may also threaten listing on NASDAQ. For most non-accelerated filers, the management assessments required under the internal control reporting requirements of Section 404 of the Sarbanes-Oxley Act became due for the first time this year, with annual reports covering fiscal year 2007. However, a survey of the annual reports filed so far this year by many smaller reporting companies reveals that many of these companies have left out this critical piece of their required disclosures.

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