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Sarbanes-Oxley News & Developments
SOX 302 Disclosure Control WeaknessDisclosures filed in January are almost doubled from those filed in December.
> > According to a review of regulatory filings conducted by Compliance Week, 23 companies disclosed material weaknesses or significant deficiencies in internal controls in the month of January. That number is almost double the 14 disclosures filed in December 2003. The most frequent types of weaknesses disclosed were related to insufficient inventory controls, misapplication of GAAP, finance department understaffing, and revenue recognition issues.
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Source: PCAOB
Published:2004-02-04
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