BusinessCompany NewsHundreds of US companies admit accounting flaws

Hundreds of US companies admit accounting flaws

Material weakenesses are present in almost 600 sets of US accounts submitted to the Securities and Exchnage Commission, according to research from a US publication.

Bold: Payback time for the US profession

The companies mainly disclosed failings to the SEC relating to the notorious section 404 of the Sarbanes-Oxley Act in internal controls.

According to The Times today, 582 companies have admitted failings, a figure revealed through research conducted for US corporate finance newsletter Compliance Week.

The figures are likely to place SEC chief William Donaldson to soften the regulatory burden facing companies trading on US markets.

Donaldson is in the UK to speak at the London School of Economics todays, where he is expected to elaborate on the future of US corporate regulation.

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