New York (Sept. 1, 2004) -- As the compliance deadline for reporting on the effectiveness of internal control over financial reporting required under section 404 of Sarbanes-Oxley draws near, Deloitte & Touche has released a guide to Section 404 compliance.
The guide, "Taking Control," is based on Deloitte's thousands of hours of field work in corporate governance, risk consulting, financial reporting, internal control and business ethics. It targets non-accelerated filers and foreign private issuers that may be just getting their work underway, as well as companies currently involved in their Section 404 projects.
According to Deloitte, the guide discusses, in plain English, the implementation of a strong system of internal control to meet the requirements of Section 404. It includes Executive Overview and Lessons Learned sections for executives and board and committee members, as well as an Implementation Guide section for those employees “on the ground.”
“Despite two deadline extensions by the Securities and Exchange Commission, we find that many companies are still struggling to comply with Section 404,” said Steve Wagner, partner and co-chair of Deloitte & Touche’s Sarbanes-Oxley Steering Committee.
Copies of the guide are available for free through local Deloitte offices and online at www.deloitte.com/us/takingcontrol.
-- WebCPA staff
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