Web www.software-risk.co.uk

A lack of compliance with section 404 of the Sarbanes-Oxley Act, means Advanced Energy Industries, a Colorado based company has been threatened with delisting from Nasdaq Stock Market.

The company failed to provide an attestation from its auditors on the effectiveness of internal controls relating to financial reporting.

Advanced Energy has indicated that it intends to request a hearing. Should a hearing not be requested, the firms common stock will be delisted effetive May 17 2005.

Nasdaq's letter to Advanced Energy says that the Form 10-k from the company, did not contain the auditors opinion.

In the Form 10-K provided by Advance to the SEC, the auditor states is "not able to express an opinion management's assessment or on the effectiveness of Advanced Energy's internal control over financial reporting".

Advanced contend that the auditors statement of not being able to express an opinion constitutes compliance with the Nasdaq listing rules.

Related Articles
SEC Proposes Years Exemption on 404
Republican Attack on Sarbanes-Oxley
COX - Sooner Rather than Later on SOX Reform
Federal Agencies on Risk
GAO Supports SOX Cost Claims
Panelists Named for Sarbanes-Oxley Roundable
IT Controls Tools
NASDAQ Delists Citadel

Similar Areas

Sarbanes-Oxley Items

Finance Items

Accounting Items

Management Items

Regulation Items

Selected Books

Keywords

section 404

404

section 404 compliance

Nasdaq

Nasdaq delisting

delisting

internal control

internal controls

financial reporting

Advanced Energy

Advanced Energy Industries

Colorado

Form 10K

independent auditor

auditors

auditor

SEC

Securities and Exchange Commission

internal controls and financial reporting

Nasdaq compliance