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Sarbanes-Oxley News & Developments
SEC Chief Accountant Defends 404The concept of different rules for smaller companies is "difficult."
> > The acting chief accountant fo the SEC, Scott Taub, defended the implementation of Sarbanes-Oxley 404 today, suggesting soaring costs were due to overly detailed controls testing. Taub also threw more cold water on industry hopes that 404 might be modified for smaller companies.
"If you think 404 does nothing for fraud, you are doing it wrong," Taub told an audience Thursday morning at the Fifth Annual Financial Reporting Conference at the Zicklin School of business at Baruch College. In fact, he said, companies may indeed be missing implementing 404 incorrectly by failing to focus on those controls that pose "substantial risk."
Source: CFO
Published:2006-05-04
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