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Guide answers Section 404 questions.

A REVISED GUIDE FROM Protiviti answers 258 questions about appropriate reporting methods and other issues related to compliance with Section 404 of the U.S. Sarbanes-Oxley Act of 2002. The Guide to the Sarbanes-Oxley Act: Internal Control Reporting Requirements - Frequently Asked Questions Regarding Section 404 reflects changes in guidance and regulatory requirements since 2004. For example:

* The SEC created a "large accelerated filer" category with varying deadlines for compliance.

* The SEC and the PCAOB have held two roundtable discussions about implementation of internal controls established by Sarbanes-Oxley.

* The PCAOB issued AS5 to make the attestation process more cost-effective.

* The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued guidance on internal controls for small companies.

The guide is divided into specific topics such as "COSO," "Assessing Controls," "Reporting," and "Accelerated Filing Requirements." It includes questions from Protiviti's clients, auditors, and other stakeholders who deal with Section 404 requirements.

Overall, the guide has revised answers to 77 questions and has added 15 new questions. "We addressed the SEC's interpretive guidance to management and AS5 for conducting the assessment process required by Section 404," says James DeLoach, managing director with Protiviti. Answers were also based on other developments in the financial markets and regulatory environment, such as the delays in the deadlines for initial compliance for organizations such as small companies. "We also considered how many companies and their auditors were addressing commonly experienced issues."

The guide is available from Protiviti's Web site,
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Title Annotation:Regulatory Notes
Author:Clemmons, D.
Publication:Internal Auditor
Article Type:Brief article
Geographic Code:1USA
Date:Jun 1, 2008
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