Sunday, April 10, 2005

Sarbanes-Oxley Act makes annual reports better late than sorry

There was a time when big companies wouldn't dare be late filing their annual report with the Securities and Exchange Commission. As the heavy season for these filings comes to a close, lateness has become almost commonplace.

"It's not the exception any more," Jonathan Schiff, a professor of accounting in the graduate school of business at Fairleigh Dickinson University in Teaneck. "Four years ago, if a company missed the filing, all sorts of red flags go up."

Already this year, 1,769 companies have formally asked the SEC for an extension in filing their annual reports, according to John Heine, an SEC spokesman.

Sarbanes-Oxley Act makes annual reports better late than sorry

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