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Sarbanes-Oxley Act Section 404 — Management's Assessment of Internal Control
KPMG produced a series of publications intended to assist audit committee members and management as they prepared for compliance with the provisions of the Sarbanes-Oxley Act of 2002:
- SEC Grants Six-Month Extension for Non-Accelerated Filers to Begin Complying with Final Stage of Sarbanes-Oxley, October 2009
- Further Delay of 404(b) Requirements Proposed for Non-accelerated Filers, February 2008
- Defining Issues: SEC Guidance on Internal Control over Financial Reporting, June 2007
- Defining Issues: New PCAOB Auditing Standard on Internal Control over Financial Reporting, May 2007
- Sarbanes-Oxley Section 404: Management's Assessment Process - Frequently Asked Questions
Each of these publications is briefly described below.
We believe the information in some of these publications may be helpful to management and audit committees of Canadian SEC registrants as well as Canadian non-venture issuers. The CSA's requirements for Canadian non-venture issuers and the CICA audit standards are similar to those issued in the US by the SEC and the PCAOB in response to Section 404 of the Sarbanes-Oxley Act.
Defining Issues: SEC Grants Six-Month Extension for Non-Accelerated Filers to Begin Complying with Final Stage of Sarbanes-Oxley, October 2009, No. 09-44
This edition of Defining Issues reports on the SEC's six-month extension for non-accelerated filers to begin complying with the final stage of the Sarbanes-Oxley Act of 2002. Section 404(b) now requires filers to include an auditors' report on the effectiveness of internal control over financial reporting beginning with their annual reports for fiscal years ending on or after June 15, 2010 instead of December 15, 2009.
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Read the KPMG publication Defining Issues: SEC Grants Six-Month Extension for Non-Accelerated Filers to Begin Complying with Final Stage of Sarbanes-Oxley.
File Name: fn_di09-44.pdf File Size: 196kb |
Defining Issues: Further Delay of 404(b) Requirements Proposed for Non-accelerated Filers, February 2008, No. 08-6
This edition of Defining Issues reports on the SEC’s proposal to defer for an additional year the deadline for non-accelerated filers to comply with the Section 404(b) requirement that auditors attest to management reports on internal control over financial reporting. The proposal is intended to give the SEC staff the opportunity to complete a cost-benefit study before non-accelerated filers must comply with the requirement.
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Read the KPMG publication Defining Issues: Further Delay of 404(b) Requirements Proposed for Non-accelerated Filers.
File Name: DI08-06.pdf File Size: 596kb |
Defining Issues: SEC Guidance on Internal Control over Financial Reporting, June 2007, No. 07-20
The June 2007 issue of KPMG’s Defining Issues describes the new interpretive guidance for management evaluations of internal controls over financial reporting and related rule amendments that are intended to allow management to comply with section 404 of the Sarbanes-Oxley Act more cost-effectively.
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Read the KPMG publication Defining Issues: SEC Guidance on Internal Control over Financial Reporting.
File Name: DI07-20.pdf File Size: 160kb |
Defining Issues: New PCAOB Auditing Standard on Internal Control over Financial Reporting, May 2007, No. 07-16
KPMG's Defining Issues describes a new PCAOB auditing standard that would affect the auditor's work in forming an opinion on internal control over financial reporting. The new standard will supersede the Board's existing standard for an audit of internal control over financial reporting that is integrated with an audit of financial statements.
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Read the KPMG publication Defining Issues: New PCAOB Auditing Standard on Internal Control over Financial Reporting
File Name: DI07-16.pdf File Size: 105kb |
Sarbanes-Oxley Section 404: Management's Assessment Process - Frequently Asked Questions
Published in October 2004, this publication is directed to management, members of corporate teams working toward assessment of internal controls over financial reporting and audit committee members. It is designed to help clarify a number of key issues related to management's assessment process. Specifically, it addresses frequently asked questions and provides general guidelines that management may use for planning and assessing the effectiveness of internal control over financial reporting.
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Read the KPMG publication Sarbanes-Oxley Section 404: Management's Assessment Process - Frequently Asked Questions for all the information.
File Name: S-OMAPFAQ.pdf File Size: 220kb |
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