Another sign that the Securities and Exchange Commission is pulling back from Sarbanes-Oxley. On Friday, the SEC announced that it's giving yet another delay to the implementation of Sarbanes-Oxley to smaller public companies.

And not only won't the small companies have to comply with an internal-controls audit requirement for an December 15, 2009. That might day might never come. The SEC has also announced it is buying time by embarking on a cost-benefit analysis of Sarbanes-Oxley section 404 for small businesses and analyze extensive "real world" cost and benefit data. The study will comprise a web-based survey of companies that are subject to Section 404 and in-depth interviews including companies that are just now becoming compliant. It's not going to happen overnight. Because the financial data won't be available to companies until March or April at the earliest, the study will only be finished by late summer or early fall.

Not surprisingly, the delay has earned praise from the US chamber of Commerce which said it was an important step for business, particularly in this economic climate.

The SEC's buying of time was also welcomed by Senators john kerry and Olympia Snowe. "When you consider that businesses that employ fewer than 20 people spend more than $2000 per employee in regulatory compliance costs than businesses who employ more than 500 people, it's painfully clear that we could be doing more to help small businesses succeed. I am pleased that the SEC has taken steps today to help address and rectify this discrepancy," Snowe said in the statement.

Small companies can breathe a sigh of relief. There is unlikely to be any big change after December next year.