SEC approves new guidance designed to make SOX compliance more feasible
Health Care Auditing Strategies, July 1, 2007
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The Securities and Exchange Commission (SEC) approved new guidance in late May intended to ease compliance with section 404 of the Sarbanes-Oxley Act of 2002 (SOX). Section 404 requires companies to publish information in their annual reports regarding the adequacy of their internal procedures for financial reporting and to provide an assessment of the effectiveness of such controls and procedures. Also, corporate managers must assess whether they have sufficient safeguards in place to catch fraud and accounting errors. An outside auditor must certify these controls, according to the SEC. The guidance is meant to help public companies strengthen their internal controls over financial reporting while reducing unnecessary costs.
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