TITLE

Fewer Companies Find 404 Control Problems

AUTHOR(S)
Sargent, Carolyn
PUB. DATE
April 2005
SOURCE
Investment Dealers' Digest;4/25/2005, Vol. 71 Issue 16, p14
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article informs that Section 404 of the Sarbanes- Oxley Act has taken a very public beating in the past couple of weeks. The 2002 legislation, which requires companies and their auditors to attest to the effectiveness of the companies' internal financial controls, was roundly criticized by corporate executives for its high cost at a roundtable hosted by the Securities and Exchange Commission on April 13. That same day, the U.S. Chamber of Commerce declared that the legislation "threatens U.S. capital markets and business competitiveness." And a Republican congressman with a Libertarian bent followed up by introducing legislation that would repeal Section 404 altogether. But despite this groundswell of grumbling, thus far fewer companies have reported problems with their internal controls than initially expected.
ACCESSION #
16847821

 

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