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Sarbanes-Oxley News & Developments
Managing the Risks of Sarbox 409The pressures imposed by real-time reporting under the dictates of Section 409 of the Sarbanes-Oxley Act can add to the legal liabilities of finance chiefs and their bosses.
> > Compliance focus has been on Section 404, which compels CFOs and CEOs to sign off on the adequacy of internal finance controls. Further, companies are in the midst of phasing in speeded-up periodic reporting strictures: By the end of 2005, companies will have only 60 days beyond the end of their fiscal year to file their 10-K, compared with 90 days in 2002. "Most organizations right now are concentrating on 404," says Anne Swaller, practice director of Parson Consulting, "so there has been a little neglect, quite frankly, of 409 and accelerated reporting dates."
Source: CFO
Published:2004-06-10
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