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Sarbanes-Oxley: Nothing wrong with Section 404 except implementation, says SEC

Sarbanes-Oxley: Nothing wrong with Section 404 except implementation, says SEC

by Rick Turoczy on September 21, 2006

On Tuesday, the two chief Sarbanes-Oxley Act (SOX) supervisors, gave their testimonies to their supervisor, the US House of Representatives’ Committee on Financial Services. Christopher Cox of the Securities and Exchange Commission (SEC) confirmed his view that SOX had succeeded in its aims and that the issues of Section 404 were not in the regulation but in the method of its implementation. In this he was supported by Mark Olsen, Chairman of the PCAOB, the body set up to replace the audit profession’s previous self-regulation with an independent oversight body.

Sarbanes-Oxley: Nothing wrong with Section 404 except implementation, says SEC

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Anonymous September 24, 2006 at 12:55 pm

With regards to the implementation issue, on Sep 16th 2006, Lord & Benoit released a SOX framework for smaller public companies to the pubic at no charge. The implementation framework is to help smaller public companies comply with SOX 404 affordably. It is located on the SEC website under the SEC’s Concept Release http://www.sec.gov/comments/s7-11-06/s71106.shtml

Lord & Benoit’s first implementation framework was posted on April 27, 2006 for the 2006 SEC & PCAOB Roundtable on Internal Controls, http://www.sec.gov/news/press/4-511/bbenoit3806.pdf

This same report was just referenced by the SBA Small Business Advocacy Group in their response to the SEC Concept Release dated 9/15/06.

“Our desire is to help smaller public companies. We do not want to see a slew of Adverse Section 404 reports and it is likely without guidance. So we posted our framework to give direction”, says Bob Benoit, President and Director of SOX Research at Lord & Benoit.

For more information and SOX resources go to http://www.Section404.org

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