November 15, 2004
Today is the First Section 404 Wave
It is finally here, one year later than originally enacted, the first filing deadline for companies with fiscal periods Nov 15th and a market cap in excess of $75 million. Technically, they have 60 days to do the filing from the end of their fiscal year. So early in the year, we should see some of these filings.
To see some thoughts on what might be to come. see this excerpt,
"At an October meeting between the accounting powerhouse PricewaterhouseCoopers and representatives from more than 40 financial institutions, some 40 percent of attendees said their firms might be on track to report a "material weakness" in their controls.
"If you believe these findings, it's clear that we could see a large number of significant deficiencies being reported," PricewaterhouseCoopers Chairman David Nally said in a speech last Thursday. He did not mention any companies by name.
Firms with fiscal years ending after Nov. 15, including financial giants like Morgan Stanley (MWD: news, chart, profile), Goldman Sachs (GS: news, chart, profile), Bear Stearns (BSC: news, chart, profile) and Lehman Brothers (LEH: news, chart, profile) are now required to prove in their annual reports that they've tested and documented their sales, assets and liabilities in a way that complies with the sweeping Sarbanes-Oxley law of 2002."
For the complete article, click here.
To see a market leading set of tools and content to help your comply rapidly and affordably, see www.issuescentral.com or call (416) 977-1496.
To see some thoughts on what might be to come. see this excerpt,
"At an October meeting between the accounting powerhouse PricewaterhouseCoopers and representatives from more than 40 financial institutions, some 40 percent of attendees said their firms might be on track to report a "material weakness" in their controls.
"If you believe these findings, it's clear that we could see a large number of significant deficiencies being reported," PricewaterhouseCoopers Chairman David Nally said in a speech last Thursday. He did not mention any companies by name.
Firms with fiscal years ending after Nov. 15, including financial giants like Morgan Stanley (MWD: news, chart, profile), Goldman Sachs (GS: news, chart, profile), Bear Stearns (BSC: news, chart, profile) and Lehman Brothers (LEH: news, chart, profile) are now required to prove in their annual reports that they've tested and documented their sales, assets and liabilities in a way that complies with the sweeping Sarbanes-Oxley law of 2002."
For the complete article, click here.
To see a market leading set of tools and content to help your comply rapidly and affordably, see www.issuescentral.com or call (416) 977-1496.
