The Securities and Exchange Commission today kicked off a public roundtable event to discuss the impact of Section 404 of the Sarbanes-Oxley Act on companies and auditors.
The meeting was arranged so that interested parties could relay the problems they have encountered when complying with rules on internal control, and any suggestions on how the SEC can make the annual process easier.
In his opening remarks to the roundtable, SEC chairman William Donaldson, said he understood that ‘the process of implementing the requirements of Section 404 – as well as the related SEC and PCAOB rules – has consumed considerable time, energy and resources, and has generated intense debate’.
He said that of the 2,500 companies that had filed internal control reports by the end of last month, about 8% found material weaknesses, while one audit firm said that from 225 clients, approximately 63,000 control deficiencies, or 275 per company, had been identified and remediated.
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