RegulationCorporate GovernanceSEC meeting to discuss Sarbanes-Oxley changes

SEC meeting to discuss Sarbanes-Oxley changes

Changes set to make internal controls more cost effective for companies

The US Securities and Exchange Commission is to hold an
open meeting this week to discuss the accounting oversight body’s proposal for
changes to Section 404 of the Sarbanes-Oxley
Act
.

The SEC is to also discuss the co-ordination of the changes, proposed by the
Public Company Accounting Oversight
Board
, in relation to the SEC’s own guidance concerning implementation.

The meeting is a direct result of a pledge made by the two organisations last
year, to make compliance with s404’s internal controls rules more efficient and
cost effective.

The SEC proposed guidance which is designed to focus on internal controls
that present the greatest risk for a material financial misstatement.

At the same time, the PCAOB proposed a revision of its existing standard for
s404 audits.

Both organisations received comment letters on this, highlighting the need
for alignment between both group’s proposals.

Further reading:

SEC
Schedules Meeting to Discuss 404 Changes

McCreevy praises SEC listings
deregistration efforts

Bush admits Sarbox damage

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