Now that most accelerated filers are coming down the homestretch regarding Section 404 of the Sarbanes-Oxley Act, it’s worth looking at what companies have experienced, and how they’re building on lessons they learned from last year’s efforts. And though there’s still work to do, patterns and trends are emerging that show how companies are dealing with what continues to be viewed as an onerous, burdensome requirement.

An Evolving Mindset

Aside from the frustration and annoyance still prevalent among those involved with 404 compliance, at least four psychological shifts are observable:

Acceptance—The first is grudging acceptance that the requirements of Section 404 ...