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Sarbanes-Oxley News & Developments
SOX Internal Control Clock Is TickingA survey suggests chief executives are being stiff-necked about compliance with the provision on internal controls.
> > In less than five months Section 404 of the Sarbanes-Oxley Act will go into effect for companies whose fiscal year ends after June 15, 2004.
Many securities, compliance, and finance experts consider 404 to be a cornerstone of the this legislation but it is clear that many top corporate executives are being dragged kicking and screaming into this new age of accountability. Like it or not 404 will soon be a reality.
To streamline compliance in the future, the project leaders expect to make improvements in the following areas: Risk identification and assessment (67%). Financial reporting processes (50%). Internal audit (46%). Compliance management (46%).
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Source: CFO
Published:2004-01-27
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