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SEC Roundtable on Implementation of Sarbanes-Oxley 404, Internal Control Reporting Provisions

SEC Roundtable on Implementation of Sarbanes-Oxley 404, Internal Control Reporting Provisions

by Rick Turoczy on April 13, 2005

The SEC hosted a roundtable discussion regarding registrants’ and accounting firms’ experiences implementing the new reporting requirements under Section 404 of the Sarbanes-Oxley Act of 2002. The roundtable will include representatives of the Public Company Accounting Oversight Board (PCAOB), issuers, auditors, investors and other interested parties.

Section 404 and rules adopted by the Commission require all entities, both US and non-US, that file annual reports with the Commission to report to investors on management’s responsibilities to establish and maintain adequate internal controls over the company’s financial reporting process. Each report must include management’s assessment of the effectiveness of those internal controls, and Section 404 and the PCAOB’s auditing standards require the accounting firm that audits the company’s financial statements to report on management’s assessment.

SEC Roundtable on Implementation of Sarbanes-Oxley 404, Internal Control Reporting Provisions

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