SEC loosens Sarbanes-Oxley
Intheblack, Jul 2007
The US Securities and Exchange Commission (SEC) has unanimously approved new guidance on how part of the Sarbanes-Oxley Act of 2002 (SOX) is interpreted.
The guidance relates to compliance under the much-maligned Section 404, which has been criticised as time-consuming and expensive. Businesses now only require one auditor to attest to the effectiveness of its internal controls. SEC members also voted to allow managers to satisfy SOX requirements by only having to identify their biggest potential risks of fraud.
In a parallel move, the Public Company Accounting Oversight Board has approved a final auditing standard for internal controls over financial reporting that is integrated with an audit of financial statements, which will focus auditors' attention on those areas that could lead to a "material misstatement".
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