![]() ![]() Some small companies have argued that the regulatory cost and burden of having the assessment outweighs the benefit to investors.ĭuring consideration of the bills that became the Dodd-Frank Wall Street Reform and Consumer Protection Act, there were several amendments offered that would have exempted a large number of public companies from section 404(b). The AICPA believes that all investors in public companies should have equal benefit of the same protections. Section 404(b) has led to improved financial reporting and greater transparency. The AICPA has consistently urged implementation of Section 404(b) for all publicly held companies. Section 404(b) requires a publicly-held company’s auditor to attest to, and report on, management’s assessment of its internal controls. The Sarbanes-Oxley Act requires that the management of public companies assess the effectiveness of the internal control of issuers for financial reporting.
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