Sec. 404 deadline looms as companies scramble.
Despite an extension of the Sec. 404 deadline from June 15 to Nov. 15, half of large U.S. companies are still less than 60 percent complete in meeting their Sec. 404 filing requirements, according to a survey by ACL Services Ltd. and the Center for Continuous Auditing of 248 senior audit professionals at corporations with more than $1 billion in revenues.
And, 67 percent of companies have no annual budget allocated to maintain Sec. 404 compliance after the initial filing Initial filing Has various meanings. It could refer to a form that is filed with the Securities and Exchange Commission in advance of a major event, such as a public offering or a share repurchase. It could also refer to filings that occur before legal inside transactions. requirement.
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