Beyond Compliance: The Business Value of Sarbox
Sarbox Section 404
An excerpt from TowerGroup's report "On the Soapbox for Sarbox."
Compliance IT for Sarbanes Oxley has thus far focused on Section 404, in part because this section is associated with the tightest deadline. The SEC regulators extended the Section 404 implementation deadline in May 2003, and it appears now that financial-services firmsmust comply by June 2004. In order to comply, firms must establish, maintain, and document adequate internal controls for financial management and quarterly reporting. Financial statements must accurately reflect transaction data and be substantiated by proper supporting records and disclosure of performance metrics. In this context, top down management is accountable to the transaction level.
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