Vancouver, B.C. (July 15, 2004) -- Despite an extension in the deadline from June 15, 2004, to Nov. 15, 2004, half of large U.S. companies polled are still less than 60 percent complete in meeting their Sarbanes-Oxley Section 404 filing requirements, according to a survey conducted by ACL Services Ltd. and the Center for Continuous Auditing.
Among 248 large companies (those with more than $1 billion in revenue) surveyed, half are 60 percent or less complete in their efforts to comply with Section 404, and 67 percent have no budget allocated to 404 compliance after the first deadline in November, ACL and the CCA reported. The Section 404 deadline requires that corporate management teams assess the effectiveness of internal controls.
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