Section 404 Of The Sarbanes-Oxley Act Summary

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Section 404 of the Sarbanes-Oxley Act directs the SEC to adopt rules requiring annual reports of companies with publicly traded securities, other than registered investment companies, to disclose management’s assessment of the effectiveness of the company’s ICFR and an auditor’s independent attestation to the effectiveness of those internal controls. These rules were adopted by the Commission on May 27, 2003. The act gave large filers that are traded publicly till the end of the fiscal year in 2004 to become compliant. Internal controls are in place to require reporting of financial reports to be analyzed and audited. Companies are also hiring internal personnel to ensure accuracy and high ethical standards are being followed. The auditors

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