| U.S. Congress passed the Sarbanes-Oxley Act in 2002 following the high-profile scandals at Enron and WorldCom. But businesses and some lawmakers have heaped criticism on Section 404, saying it’s expensive and time-consuming. |
| The aim of Section 404 is to ensure accurate financial statements and to catch fraud.
2007-05-23 (Wednesday) SEC commissioners voted to approve new interpretive guidelines for Section 404 |
| 2007-05-24 (Thursday) Public Company Accounting Oversight Board (PCAOB) – US accounting watchdog – accounced new rules for auditors checking a company’s internal controls.
At 59 pages, the accounting board’s new standard is about one-third the size of the one it’s replacing. |
We have discussed the above regulatory changes elsewhere (see links below).These regulatory changes are especially pertinent for a IT security expert like yourself that is involved with designing, administering and/or auditing a system or framework of internal controls (e.g., policy violations) at your firm.
Please check it out, download the regulation for free and be prepared NOW before your boss wonders why you did not keep her abreast these important developments.
Trend – accounting rules and internal controls – towards a single global standard
Trend – SEC to ease burden of Sarbox
Trend – Sarbanes-Oxley audit process streamlined to better manage risks
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