Sarbox Where Art Thou?

This is the year (2005) that fall-out from Sarbox (the Sarbanes-Oxley Act) should really hit the fan. There are several major issues that come to a head this calendar year.

U.S based corporations with $75M+ market capitalization must complete a §404 assessment (effectiveness of internal controls over financial reporting) in their current fiscal year if they have not already done so. The first assessments pertained to companies with fiscal years ending 11/15/04 and later. The first assessments and auditor attests have been hitting the streets for the last 60 days or so. The remaining ‘large’ corporations will be filing their first assessments and auditor attests until January, 2006 or thereabouts (for FYs ending in October and early November, 2005). January 2006 will start the second round of §404 filings for companies with fiscal years ending 11/15/05 and after.

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