Tuesday, February 08, 2005

SEC in Sarbanes-Oxley move

US regulators on Monday unveiled a wide-ranging consultation with companies and their auditors about the most complex and expensive provisions in the Sarbanes-Oxley accounting and governance legislation.

The Securities and Exchange Commission said it would hold a round table discussion on the first year of section 404 of Sarbanes-Oxley, which requires companies and their auditors to report on internal controls that should detect fraud and ensure sound financial reporting.

The round table, scheduled for April, follows widespread corporate concern about the soaring costs associated with section 404. Investors will also be asked to take part in the meeting.

William Donaldson, SEC chairman, said the regulator was considering whether to extend the deadline under which smaller US public companies will have to comply with section 404.

Last month he said that he had asked SEC staff to look at the case for giving foreign companies more time to comply.

SEC in Sarbanes-Oxley move

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