Firms prepared for SOX Section 404, says S&P
New York – Financial Institutions are in compliance with Section 404 of the Sarbanes-Oxley Act – the corporate reform regulation that requires companies to provide in their annual reports certification of internal controls for financial reporting – says Standard & Poor's (S&P) credit rating agency.
In a survey, Financial Institutions Report Few Material Weaknesses Under Sarbanes-Oxley Section 404; No Expected Ratings Implications, S&P found only a few material weaknesses reported.
Firms have been able to leverage pre-existing requirements to fulfil Section 404, says Joyce Joseph-Bell, director of financial services ratings at S&P.
The findings are based on reports filed to date with the SEC
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