Heads Up newsletter on SOx Section 404

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11 Apr 2007

In the United States the SEC and the PCAOB are working to make the internal control provisions of Section 404 of the Sarbanes-Oxley Act 'more efficient and cost effective'.

At an open meeting earlier this month, the SEC discussed collaboration with the PCAOB on potential modifications to the standards proposed in December by the PCAOB: An Audit of Internal Control Over Financial Reporting [ICFR] That Is Integrated With an Audit of Financial Statements, and Considering and Using the Work of Others in an Audit. The 10 April 2007 Edition of the Heads Up Newsletter  (PDF 79k) summarises those discussions. Also, to promote harmony with the proposed ICFR standard, the SEC discussed its proposed interpretive guidance to help management improve Section 404 implementation (see the 8 January 2007 Heads Up (PDF 338k).

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