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SEC’s Peirce supports reconsideration of SOX 404(b)

Tammy Whitehouse | March 11, 2019

As internal control heartburn persists for many public companies, at least one member of the Securities and Exchange Commission would like to see changes to the Sarbanes-Oxley Act.

Speaking at the national conference of the Institute of Internal Auditors, Hester Peirce, a commissioner of the SEC, drew applause for saying she’s a critic of Section 404(b) of Sarbanes-Oxley, which requires public companies to have their management assessment of internal control over financial reporting subjected to an audit. “There’s been talk about this at the SEC,” she said, regarding the current environment with respect to internal control reporting and the continuing angst it produces for public companies.

Section 404(a) of Sarbanes-Oxley requires management to perform an assessment of their ICFR and report its findings to investors. Section 404(b) requires companies to have their assessments of internal...

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