SEC requires reports on internal control with auditor attestation

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28 May 2003

The US Securities and Exchange Commission has adopted new Final Rules on management's report on internal control over financial reporting.

The effective date for large US issuers is financial years ending on or after 15 June 2004. Foreign private issuers and small US issuers have until years ending on or after 15 April 2005. The rules require, among other things, that annual reports include a report by management on the effectiveness of the company's system of internal controls over financial reporting and a statement that its auditor has issued an attestation report on management's assessment. The rules also require that the CEO and CFO certifications of financial statements be identified as exhibits to periodic reports such as those on Form 10-K, 10-Q, and 20-F, effective in 60 days.

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