Financial services audit committee members say that the implementation of Sarbanes-Oxley Section 404 is the most pressing issue they face, according to a survey by PricewaterhouseCoopers.

Outside of Sarbanes- Oxley, the majority of audit committee members' time is spent on regulatory compliance (20 percent), risk management (14 percent), strategic planning (13 percent) and discussing the industry and competition (13 percent), according to a poll of more than 200 audit committee members conducted this month at the annual Financial Services Audit Committee Forum in New York.

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