U.S. financial institutions report few Sarbanes-Oxley material weaknesses, says S&P

U.S. financial institutions are generally in compliance with internal control reporting obligations under Sarbanes-Oxley’s controversial Section 404, according to a survey from Standard & Poor’s Ratings Services.

The report, which was released yesterday, said that although a few financial institutions reported material weaknesses in their internal controls, these weaknesses are not material enough to result in negative rating actions.

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