October 27, 2004
A Majority of Boards are Confident on their Section 404 Efforts
Section is a topic on every Board's agenda these days, and rightly so. A large number of companies will begin filing their 404 attestions soon. Interesting to see how boards currently feel the legislation is impacting their companies.
See an excerpt from an article:
"But even with Section 404 looming, confidence is increasing-82% of directors believe their company is prepared to implement Section 404 on internal control reporting. However, only 50% of directors surveyed think Section 404 internal control reporting requirements will make a difference in the quality of their company's financial statements; and less than half (44%) think Section 302 certification of financial statements by the CEO and CFO will make a difference. - Despite the movement by institutional investors and shareholders to
withhold votes against boards for various reasons, only 21% of
directors surveyed support the recommendation to withhold votes when
the audit committee has approved auditors to perform non-audit
services. Of the boards represented in the survey, 51% have allowed
auditors to perform non-audit services for their company." For the complete article, click here.
See an excerpt from an article:
"But even with Section 404 looming, confidence is increasing-82% of directors believe their company is prepared to implement Section 404 on internal control reporting. However, only 50% of directors surveyed think Section 404 internal control reporting requirements will make a difference in the quality of their company's financial statements; and less than half (44%) think Section 302 certification of financial statements by the CEO and CFO will make a difference. - Despite the movement by institutional investors and shareholders to
withhold votes against boards for various reasons, only 21% of
directors surveyed support the recommendation to withhold votes when
the audit committee has approved auditors to perform non-audit
services. Of the boards represented in the survey, 51% have allowed
auditors to perform non-audit services for their company." For the complete article, click here.
