August 27, 2004
I agree with the postponement for one year of the final phase-in period for acceleration of periodic report deadlines that apply to large company filers.
However, I believe the final rules issued by the SEC for implementation of the new Section 404 rules should be postponed for 1 year. This would allow senior managers and auditors time to comply with Sarbanes-Oxleys internal controls provisions in a letter-perfect way. It is absolutely crital that public companies get the internal control requirements right. This delay will not hinder the protection of investors which is currently provided by the certification of the Chief Executive Officer and the Certification of the Chief financial Officer and the statements on controls and procedures made in the periodic reports.
Paul K. Mueller, Executive Vice President and Treasurer FFLC Bancorp, Inc.