US SEC invites comments on internal control reporting
23 Feb 2005
The US Securities and Exchange Commission has invited written comments from registrants, auditors, investors, and others on their experiences with implementing and evaluating the requirements of Section 404 of the Sarbanes-Oxley Act of 2002.
The Commission will also conduct a roundtable discussion on 13 April 2005 at its offices in Washington. Section 404 requires SEC registrants, including foreign companies, to report on management's responsibilities to establish and maintain adequate internal control over the company's financial reporting process, as well as management's assessment of the effectiveness of those internal controls. Auditors are required to report on management's assessment, as well as on the effectiveness of the company's controls. Click for More Information from the SEC website.