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Hundreds of companies miss U.S. compliance deadline

Hundreds of companies miss U.S. compliance deadline

by Rick Turoczy on March 24, 2005

Hundreds of publicly traded U.S. companies have missed the deadline to file expanded versions of their annual reports, citing the cumbersome requirements of legislation intended to crack down on corporate fraud. Companies are largely blaming it on the Sarbanes-Oxley Act of 2002. The landmark corporate-reform legislation mandates audited statements attesting to the status of internal procedures for ensuring clean accounting.

In the debate leading up to the law’s passage, many companies had said that the extra work would suck up resources, and cost money. It also appears to be taking companies’ and auditors’ time.

“This is the first time they’re actually having to report on the status of their control structures,” said Eisha Tierney Armstrong, managing director of the CFO Executive Board, a research firm based in Washington.

Between Jan. 1 and March 15, 2004, a total of 70 companies told the Securities and Exchange Commission they needed more time to file their Form 10-K, or annual reports, with the agency.

Hundreds of companies miss U.S. compliance deadline

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