SOX Section 404 under fire
WASHINGTON, DC - Smaller financial institutions in the US are worried about their ability to implement Section 404 of the Sarbanes-Oxley Act of 2002.
A letter from Jonathan Kempner, president and chief executive officer of the Mortgage Bankers Association - a trade association of smaller US savings banks - says cost is an issue. "Interestingly, while our members expressed unanimous support for the Act's objectives of promoting greater integrity and responsibility in corporate financial reporting and disclosure," says the letter, "they also
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