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Sarbanes-Oxley News & Developments
SEC OKs Auditor Role for Section 404Newly approved standard will guide how auditors report on companies assessments of their internal controls.
> > The SEC approved a new audit standard proposed by the PCAOB for implementing Section 404 of the Sarbanes-Oxley Act.
On June 5, 2003, the SEC amended its rules to require that annual reports must include an assessment by management of companies internal control over financial reporting, accompanied by an auditor report. The auditing standard approved by the commission provides the professional standards and related performance guidance for independent auditors to attest to and report on that assessment.
Source: CFO
Published:2004-06-22
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