Relief from Sarbanes-Oxley on the way?

TalkBack 2 of 8:

Next »

« Previous

• Thread View
• Flat View

and 404 in more detail

I've found a better summary for 404.

http://www.aicpa.org/info/sarbanes_oxley_summary.htm

Section 404: Management Assessment Of Internal Controls.

Requires each annual report of an issuer to contain an "internal control report", which shall:

(1) state the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and

(2) contain an assessment, as of the end of the issuer's fiscal year, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting.

Each issuer's auditor shall attest to, and report on, the assessment made by the management of the issuer. An attestation made under this section shall be in accordance with standards for attestation engagements issued or adopted by the Board. An attestation engagement shall not be the subject of a separate engagement.

The language in the report of the Committee which accompanies the bill to explain the legislative intent states, "--- the Committee does not intend that the auditor's evaluation be the subject of a separate engagement or the basis for increased charges or fees."

Directs the SEC to require each issuer to disclose whether it has adopted a code of ethics for its senior financial officers and the contents of that code.

Directs the SEC to revise its regulations concerning prompt disclosure on Form 8-K to require immediate disclosure "of any change in, or waiver of," an issuer's code of ethics.

Posted by: Nigel Johnstone   Posted on: 06/09/05 You are currently: a Guest | Members login | Terms of Use

Alert moderator to an offensive message

Subscribe to this discussion via Email or RSS

SponsoredWhite Papers, Webcasts, and Downloads

• Unrivaled support from Novell, now available for Red Hat Novell If Linux is going to power your mission-critical applications, you'd ... Download Now
• Enterprise Security Reporter for SharePoint Version 3.6.3 ScriptLogic Enterprise Security Reporter? for SharePoint provides the administrator ... Download Now
• Building the Virtualized Enterprise with VMware Iinfrastructure VMware VMware virtualization software has been adopted by over 120,000 enterprise ... Download Now