The Securities and Exchange Commission and the Public Company Accounting Oversight Board will sponsor a roundtable on May 10 in Washington to discuss second-year experiences with the internal controls provisions of the Sarbanes-Oxley Act of 2002.

The discussion will include issuers, auditors, investors and other interested parties.

"Last spring's informative roundtable resulted in valuable guidance," said SEC Chairman Christopher Cox, in a statement. "We will carefully consider the facts presented to help develop policies to effectively and efficiently improve the reliability of financial statements for the benefit of investors."

"I am very much open to suggestions to make the internal control assessment process more efficient, including modifications of the PCAOB's auditing standard and other actions the board could undertake," said PCAOB Acting Chairman Bill Gradison, in a statement. "This is the PCAOB's highest priority policy issue."

The agencies also said that they are seeking written feedback from registrants, auditors, investors and others on their experiences with complying with the Section 404 requirements. Any submitted information will become part of the May discussion's public record and be posted online.

Materials should be sent before May 1. More information on submitting comments is available at www.pcaob.net/News_and_Events/Events/2006/05-10.aspx.

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