As if investors and public companies didn't have enough to worry about, a recent "trend alert" from Glass Lewis & Co., an investment research and proxy advisory firm in San Francisco, reported that control deficiencies reported by large companies are at an all-time high, with an increase of 87 percent between 2003 and late 2004 and early 2005.
The report referred mostly to "accelerated filers" - those who have issued an annual report under Sections 302 and 404 of the Sarbanes-Oxley Act, and most of whom have market capitalizations over $75 million. This was the first time these companies have had to report under SOX. A few smaller companies have voluntarily complied as well, and were therefore represented in the report.
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