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Friday, December 10, 2004

Internal Control Disclosures Jump In November

From Compliance Week:

According to a review of regulatory filings, the number of companies disclosing material weaknesses or significant deficiencies in internal controls jumped significantly during the month of November 2004.

119 companies disclosed such deficiencies or weaknesses in November, nearly double the number from October. In November 2003, only 11 companies made similar disclosures.

The increase was largely due to the volume of companies filing quarterly reports, which—for many companies—are their final 10-Qs before Sarbanes-Oxley Section 404 assessments are due as part of their next 10-K. The internal control provisions of SOX require management to assess the effectiveness of the company's internal control over financial reporting. Each company's auditor must also report on—and attest to—management's assessment.

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