March 23, 2005
SEC Roundtable Scheduled for April 13 to Review 404
The first year of complying with Section 404 has been a gong show at many companies. There has been poor planning and inconsistent project management and pure panic. This has led to very costly projects where it was not necessary.
While making sure internal controls are adequate is far from fun, the reality is that the number of restatements this year supports the poor control over financial reporting in many companies. How can we go back to a place where there is no transparency? We have the best financial markets in the world and we want to continue to lead.
Run better projects. The first year hardwork is done. Do not roll progress in this area.
An excerpt on this topic:
"...The outcry has reached such a fever pitch in recent months that the Securities and Exchange Commission has scheduled a roundtable for April 13 in Washington.
Meanwhile, critics say federal regulators, particularly the SEC and the Public Company Accounting Oversight Board, must do a better job spelling out just what companies must do and how much they should disclose in order to satisfy the law. The accounting board is a nonprofit, private-sector oversight entity created by Sarbanes-Oxley and chaired by William McDonough, former president and chief executive officer of the Federal Reserve Bank of New York...."
For the complete article, click here.
For information on managing your Section 404 in a comprehensive, smart and economical way, see www.issuescentral.com and learn more about the Sarbanes-Oxley Compliance Playbook(tm).
While making sure internal controls are adequate is far from fun, the reality is that the number of restatements this year supports the poor control over financial reporting in many companies. How can we go back to a place where there is no transparency? We have the best financial markets in the world and we want to continue to lead.
Run better projects. The first year hardwork is done. Do not roll progress in this area.
An excerpt on this topic:
"...The outcry has reached such a fever pitch in recent months that the Securities and Exchange Commission has scheduled a roundtable for April 13 in Washington.
Meanwhile, critics say federal regulators, particularly the SEC and the Public Company Accounting Oversight Board, must do a better job spelling out just what companies must do and how much they should disclose in order to satisfy the law. The accounting board is a nonprofit, private-sector oversight entity created by Sarbanes-Oxley and chaired by William McDonough, former president and chief executive officer of the Federal Reserve Bank of New York...."
For the complete article, click here.
For information on managing your Section 404 in a comprehensive, smart and economical way, see www.issuescentral.com and learn more about the Sarbanes-Oxley Compliance Playbook(tm).
