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This is a listing of some of the more common terms and definitions associated
with Sarbanes Oxley and Sarbanes Oxley compliance, and Sarbanes Oxley Software.
Sarbanes
Oxley Section 404:
- Section 404 Sarbanes Oxley: Management Assessment Of Internal Controls Definition
Requires each annual report of an issuer to contain an "internal control
report", which shall:
(1) state the responsibility of management for establishing and maintaining
an adequate internal control structure and procedures for financial reporting;
and
(2) contain an assessment, as of the end of the issuer's fiscal year, of the
effectiveness of the internal control structure and procedures of the issuer
for financial reporting.
Each issuer's auditor shall attest to, and report on, the assessment made
by the management of the issuer. An attestation made under this section shall
be in accordance with standards for attestation engagements issued or adopted
by the Board. An attestation engagement shall not be the subject of a separate
engagement.
The language in the report of the Committee which accompanies the bill to
explain the legislative intent states, "--- the Committee does not intend
that the auditor's evaluation be the subject of a separate engagement or the
basis for increased charges or fees."
Directs the SEC to require each issuer to disclose whether it has adopted
a code of ethics for its senior financial officers and the contents of that
code.
Directs the SEC to revise its regulations concerning prompt
disclosure on Form 8-K to require immediate disclosure "of
any change in, or waiver of," an issuer's code of ethics.
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