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Sarbanes-Oxley News & Developments
SEC Implements Internal Control Provisions of Sarbanes-Oxley ActThe SEC voted to adopt rules managing reports on internal control over financial reporting & certification of disclosures.
> > The Commission voted to adopt amendments requiring companies to perform quarterly evaluations of changes that have materially affected or are likely to materially affect a companys internal control over financial reporting.
Compliance with the rules regarding management reporting on internal controls will be required as follows; companies, other than foreign private issuers, meeting the definition of an accelerated filer in Exchange Act Rule 12b-2 (generally, U.S. companies that have quity market capitalization over $75 million and have filed an annual report with the Commission)will be required to comply with the management report on internal control over financial reporting requirements for fiscal years ending on or after June 15, 2004, and all other issuers, including small business issuers and foreign private issuers, will be required to comply for their fiscal years ending on or after April 15, 2005.
Source: U.S. Securities and Exchange Commission
Published:2003-05-28
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