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Wednesday, April 26, 2006

Bridging the Sarbanes-Oxley Disclosure Control Gap

This report compiles historical information that addresses both the likelihood of self reporting internal control deficiencies and the advancement of quality in financial reporting as it relates to the most recent recommendations of the Advisory Committee on Smaller Public Companies.

The SEC Subcommittee on Smaller Public Companies recently released a draft report containing recommendations that it believes will advance the goal of enhancing the quality of financial reporting while also reducing the cost of compliance to SmallCap and MicroCap public companies.

An important underpinning of these recommendations is that SmallCap and MicroCap companies, with the addition of several new corporate governance requirements, can be relied upon to self report material weaknesses in internal controls over financial reporting and maintain a high level of quality in financial reporting.

This report examines the historic relationship between Section 404 (internal control over financial reporting) and Section 302 (self reporting of disclosure controls and deficiencies in internal controls) reporting and compiles research about historical financial restatements.

posted by Brian Moran @ 10:27 AM   0 comments


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