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All annual financial reports must include an Internal Control Report stating that management is responsible for an "adequate" internal control structure, and an assessment by management of the effectiveness of the control structure. Any shortcomings in these controls must also be reported.
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Sarbanes-Oxley Act Section 404 mandates that all publicly traded companies must establish internal controls and procedures for financial reporting and must document, test, and maintain those controls and procedures to ensure their effectiveness.
The Public Company Accounting Reform and Investor Protection Act, otherwise known as the Sarbanes-Oxley Act (the “Act”), was enacted in July 2002 after a series of high-profile corporate scandals involving companies such as Enron and Worldcom. Section 404(a) of the Act
Section 404 of the Sarbanes-Oxley Act directs the SEC to adopt rules requiring annual reports of companies with publicly traded securities, other than registered investment companies, to disclose management’s assessment of the effectiveness of the company’s ICFR and an auditor’s independent attestation to the effectiveness of those ...
3 Ιουλ 2024 · What Is Sarbanes-Oxley ACT (SOX) Section 404? In 2002 Congress enacted the Sarbanes-Oxley Act into federal law to improve the financial reporting of Securities and Exchange Commission (SEC) issuers.
What Is SOX Section 404? SOX Section 404 is a component of the U.S. Sarbanes-Oxley Act of 2002, aimed at ensuring the accuracy and reliability of corporate financial statements. It mandates that publicly traded companies establish, maintain, and assess an adequate internal control structure to safeguard the integrity of their financial reporting.
Section 404 of the Sarbanes-Oxley Act of 2002, in conjunction with related SEC rules and Auditing Standard No. 2 (AS No. 2) established by the PCAOB, requires management of a public company and the company’s independent auditor to issue two new public reports:
