Tuesday, April 05, 2005
6 Percent Of Companies Failed Section 404
According to a review of regulatory filings conducted by Compliance Week and Raisch Financial Information Services of Newton, Mass., 6 percent of the 10-Ks filed this proxy season have been given "failing grades" by the companies' external auditor. The toughest Big 4 grader so far: Pricewater-houseCoopers, which failed 9 percent of the 366 annual reports that it audited. Deloitte and Touche failed only 3 percent of its internal control audits. The industry with the largest number of failing grades was "metals and mining." This week, Compliance Week and Raisch Financial Information Services debut a downloadable spreadsheet of SOX 404 audit results. The spreadsheet, which includes data derived from the 10-Ks of the Russell 3000, will be updated weekly, and includes summaries by auditor, by industry, and by opinion. Source data are included, as well.
posted by Brian Moran @ 8:49 AM