Federal securities regulators want to know what company executives, auditors and others really think about the new internal control disclosure process.[@@]
The U.S. Securities and Exchange Commission plans to hold a round table discussion about Section 404 of the Sarbanes-Oxley Act of 2002 April 13 in Washington.
The SEC will be opening the discussion to members of the public, and it will be including written comments on SOX 404 in the official discussion record.
SOX 404 and related laws and rules require managers of public companies to assess their internal controls. The auditors of public companies must assess the effectiveness of the companies’ internal controls and the quality of managers’ assessments of those controls.
“The commission seeks written feedback from registrants, auditors, investors and others on their experiences with implementing and evaluating the Section 404 requirements,” the SEC says in an announcement of the request for comment.
Comments are due April 1.
The SEC has posted more information about procedures for submitting public comments about SOX 404 at http://www.sec.gov/news/press/2005-20.htm
The SEC plans to post the comments it gets at public comments at http://www.sec.gov/news/press/4-497.shtml