The guide is based around the respected Turnbull guidance with which most public companies in the UK already comply. All comments must be submitted to the FRC by 30 November 2004.
Section 404 requires companies listed in the US to report on the efficacy of their internal controls on financial reporting.
Richard Fleck, chairman of the FRC’s review group, said: ‘The SEC has stated that the Turnbull report provides a suitable framework for evaluating the effectiveness of internal controls over financial reporting.
‘This is good news for companies that are already using the Turnbull report in the UK and Ireland and wish to use it to meet these US requirements as well.’
The FRC plans to finalise the guide before the end of the year ahead of requirements for UK companies to comply with SEC rules for reporting years ending on or after 15 July next year.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016