Four years after the Securities and Exchange Commission first adopted rules to implement Section 404 of the Sarbanes-Oxley Act, Corporate America finally has what it wanted: guidance on how to assess and report on their internal controls over financial reporting as required by those rules.
The SEC published its interpretive guidance and related rule amendments last week. The full text of the 77-page management guidance, approved on May 23, was posted June 20 to the SEC’s Web site and takes effect upon publication in the Federal Register, which should happen shortly.
