Sarbanes-Oxley - Financial and Accounting Disclosure Information

It's a real shame that 404 is at risk of becoming irrelevant. While a lot of attention is being paid to implementation and compliance costs, other structural issues could render it entirely moot, thereby defeating the entire purpose of this important section of the Act. For example, because 404 doesn't consider materiality, there is a very high likelihood that we may begin to see conflicts between management internal control assessments, internal control assurance opinions and financial statement audit opinions. Revlon is a perfect example (shown below) of how the market (doesn't) react to these types of conditions.

See full Article.