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Sarbanes-Oxley: The Struggle to Catch Up

Sarbanes-Oxley: The Struggle to Catch Up

by Rick Turoczy on November 12, 2004

Auditors and finance executives are in the midst of coping with the biggest rule change in their professional careers, and a deadline is approaching. In hopes of some insight into the challenges of the Sarbanes-Oxley Act and its requirement that auditors attest to the state of their clients’ internal financial controls, a capacity crowd jammed the rooftop ballroom of the St. Regis hotel in Manhattan on Nov. 12. Largely composed of board members on audit committees, the audience sat beneath the trompe l’oeil ceiling painted with clouds and blue sky, focusing worried glances on Dennis Nally, chairman of audit giant PricewaterhouseCoopers.

What they heard from Nally couldn’t have come as welcome news. For the first time, the auditors of most public companies will have to attest to these controls as part of their 2004 annual reports to shareholders, most of which will be filed in February and March. A recent assessment by more than 700 PwC audit teams found that only 20% of clients are on schedule to complete their internal control reviews, according to Nally.

Sarbanes-Oxley: The Struggle to Catch Up

Related: Are you ready?

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