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Sarbanes-Oxley News & Developments
Accounting Board Approves Sarbanes-Oxley 404 RulesPCAOB members predict hikes in audit fees.
> > The PCAOB has approved new Sarbanes-Oxley Act rules governing how accounting firms will audit client internal controls when reviewing financial statements. Section 404 of Sarbox states that the management of a public company must assess the effectiveness of company internal controls over financial reporting. The section also directs the PCAOB to produce professional standards governing independent auditors testing and reporting management 404 assessments.
The SEC recently postponed corporate implementation of Section 404.
Source: CFO
Published:2004-03-10
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