SEC set to hear complaints on U.S. reporting rule

Companies trying to meet a new rule for tighter internal financial controls are expected to give regulators and major audit firms an earful at a forum on Wednesday hosted by the Securities and Exchange Commission.

The rule, from Section 404 of the 2002 Sarbanes-Oxley Act crackdown on accounting fraud, requires managers to explain in annual reports how they keep their finances in order and for outside auditors to approve their methods.

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