- SOX Center - http://www.sox-center.com -

SEC to finalize Sarbanes-Oxley tweaks

Posted By claudia On 21st May 2007 @ 15:48 In News, SEC, SOX, Section 404, Accounting rules, PCAOB, Sarbox | No Comments

U.S. securities regulators will vote on tweaks to the controversial Sarbanes-Oxley law on Wednesday, finalizing changes initially approved in April amid continuing complaints from businesses about the law’s unpopular accounting provision.

At issue is Section 404 of the law, which was passed in 2002 following scandals at Enron and other companies. The section requires companies to monitor their internal controls over financial reporting, as well as to test their controls. The aim is to ensure accurate financial statements and to catch fraud.

The Securities and Exchange Commission and the Public Company Accounting Oversight Board have been under pressure from Congress and businesses to adjust Section 404, which is often criticized as expensive and time-consuming.

[1] MarketWatch: SEC to finalize Sarbanes-Oxley tweaks


Article printed from SOX Center: http://www.sox-center.com

URL to article: http://www.sox-center.com/2007/05/21/sec-to-finalize-sarbanes-oxley-tweaks/

URLs in this post:
[1] MarketWatch: SEC to finalize Sarbanes-Oxley tweaks: http://www.marketwatch.com/news/story/story.aspx?guid=%7B8CC4C70C%2DC280%2D4D77%
2D9D40%2DE06F704627A7%7D&siteid=rss

Click here to print.