The Securities and Exchange Commission announced a series of actions to improve implementation of the Section 404 internal control requirements of the Sarbanes-Oxley Act.
SEC Chairman Christopher Cox said that the five commissioners had made a number of decisions, one of which will hold smaller American companies to a requirement that they begin assessing their internal controls in fiscal years beginning after Dec. 16, 2006. For calendar-year companies, that means for the 2007 year.
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