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The Big Picture of SOX 404

Since many large public companies are well into the third year of their Sarbanes-Oxley (SOX) 404 assessments over financial reporting internal controls, this is a good time to pause and reflect on this onerous requirement. In speaking across the United States on good internal control practices, I hear from hundreds of......

Full article >>> dy linking companies that report internal control deficiencies to a higher cost of capital. The main conclusion is that companies reporting internal control deficiencies under 404 have less reliable financial information, thus increasing risk leading to an increase in the cost of equity of about one percent.

This means that a company with a market capitalization of $1 billion reporting in......

Full article >>> ement.

In many cases, too much effort has gone towards traditional accounting controls at the expense of entity-level and IT controls. Accounting controls like approvals, reviews, and reconciliations are easily understood by auditors. Since they are comfortable in documenting and testing these controls, these have been the ones to receive the most attention despite not necessarily being o......

Full article >>> legislation in improving the reliability of financial reporting and disclosures is indeed paramount in growing investor confidence.

No legislation can successfully mandate ethics, but with proper implementation companies can turn SOX 404 into a value enhancing initiative by imbedding strong controls into the fiber of board, management, and employee activities. A strong ethical corporate......

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Source:wistechnology.com By Ron Kral 10/03/06


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