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The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis. All posts prior to September, 2007 are in the public domain, but after September 4, 2007, only subscribers to The Analyst's Accounting Observer will see all posts going forward. Only selected, occasional posts will be released to the public domain from September 4 forward.

404 Fever
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Posted by: Jack Ciesielski 1/26/2005 11:10 AM
There's bound to be more and more news about the Sarbanes-Oxley Section 404 internal control reviews as the first-ever reporting period looms. Some of the more intriguing stories today:

- At the World Economic Summit in Davos, Switzerland, PricewaterhouseCoopers Chief Executive Sam DiPiazza hazarded his guess that 10% of U.S. companies will either report that they couldn't complete the review in time for their 2004 annual report, or found internal control weaknesses. (WSJ link here.)

- In a speech delivered at the London School of Economics yesterday, SEC Chairman Bill Donaldson announced that he has asked the Commission staff to consider delaying the internal control reporting requirements for non-US filers.

- Finally, an item with a Sarbanes-Oxley flavor, but not related to Section 404 reports: the American Enterprise Institute issued a white paper recommending that the Public Company Accounting Oversight Board be folded into the SEC within five years.

There's a Sarbanes-Oxley backlash movement building; expect to see more of this kind of thinking emerge.
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