After two years of compliance with the internal control provisions of the Sarbanes-Oxley Act, proxy researcher Glass Lewis & Co. says that public companies are reporting fewer material weaknesses in their internal controls.

According to a new report from the firm, last year 1,118 U.S. companies disclosed material weaknesses, down 13 percent from a year earlier. And among those firms making disclosures, the number of 404-compliant companies declined 35 percent, while non-compliant companies rose 20 percent.

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