SEC Internal Control Feedback Agenda
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The SEC has announced the agenda for its feedback sessions on compliance with section 404 of the Sarbanes-Oxley Act. Under section 404, public companies and their auditors have to assess the effectiveness of internal controls over financial reporting. The sweeping nature of the act has means costs for compliance have soared. Companies with a market cap of over $700m (large companies) compliance became mandatory last year. Smaller companies (less than $70m) will have to comply in 2006. The SEC wants feedback from large companies that have already been through the mill. In particular on costs and benefits of the measures. Issues covered include:- planning and design, documentation, reporting to the public and the first year of operation. The format is for 6 panels of experts comprising representatives of public companies, auditors, investors and attorneys. Written feedback is also being entered into the mix.
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