The 404 Maelstrom

December 2004
Investment Dealers' Digest;12/13/2004, Vol. 70 Issue 48, p28
Trade Publication
The article focuses on the challenges, which various companies in the U.S. are facing to comply with the new rules on internal controls for financial reporting set out in the Sarbanes-Oxley Act of 2002, the landmark corporate reform legislation. Some 10% to 15% of the roughly 2,000 companies that have to file for compliance early next year are expected to miss their initial reporting deadline. Of those that do make the deadline, between 10% and 20% could announce such serious problems that their company's internal controls could be deemed ineffective, with potentially disastrous consequences. For even the most experienced and well-resourced financial managements, the sheer scope of the work presents a project-management nightmare.


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