SEC Clarifies Guidance For Section 404 Of SOX

Law360, New York (August 1, 2007, 12:00 AM EDT) -- After years of vigorous lobbying by business groups and lawmakers for softening the rules under Section 404 of the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission unanimously approved interpretive guidance on May 23, 2007 designed to ease the burden of complying with Section 404 by allowing public companies to tailor their internal inspections to the scale of the business, thereby reducing the cost of compliance with SOX.

Implemented to discourage fraud and financial manipulation in the wake of high profile corporate scandals, Section 404...
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