SEC Proposes To Delay Auditor’s Attestation Requirement

The U.S. Securities and Exchange Commission (the "SEC") has proposed to delay the requirement for non-accelerated filers¹ to include an attestation report of the independent auditor in their annual reports. Under the current internal control over financial reporting (the "ICFR") 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.

When the original internal control rules were first enacted in 2003, the SEC required each company subject to the reporting requirements of the Securities and Exchange Act of 1934 (the "Exchange Act") to include in its annual report on Form 10-K, 20-F or 40-F (as applicable), an internal control report by