Sec Issues Final Rules Requiring Management Reports On Internal Control Over Financial Reporting
- Topics:
- Investor Relations
- Tags:
- Act,
- Akin Gump Strauss Hauer & Feld,
- Finance,
- Financial,
- Financial Accounting,
- Financial Planning,
- Financial Reporting,
- Internal Control
- Source:
- Akin Gump Strauss Hauer & Feld
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Overview: The Securities and Exchange Commission (the SEC) has issued final rules implementing Section 404 of the Sarbanes-Oxley Act of 2002 (the Act). The Act requires (i) reporting companies, to include in their annual reports a report of management on the company’s internal control over financial reporting and (ii) the registered public accounting firm that audits a reporting company’s financial statements to attest to, and report on, management’s assessment of the effectiveness of the company’s internal controls and procedures for financial reporting. Under the new rules, a company is required to file the registered public accounting firm’s attestation report as part of the annual report. Furthermore, the SEC is adding a requirement that management evaluates any change in the company’s internal control over financial reporting that occurred during a fiscal quarter that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting.
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Format: PDF | Size: 265KB | Date: Jun 2003 | Pages: 10
