Star panel re-evaluates Sarbanes-Oxley one year in at SEC headquarters

A full house packed the Securities and Exchange Commission headquarters on Wednesday for a public forum to discuss the most onerous section of The Sarbanes-Oxley Act of 2002 (or Sarbanes-Oxley), Section 404.

The event was a roundtable of public companies, auditors, investors, and members of the legal community to discuss the pros and cons of the section now that many large public companies have completed their first year of compliance. Section 404 requires companies who report to the SEC under the Securities Exchange Act of 1934 to evaluate and report upon their internal controls over financial reporting. The company's external auditor must then render an opinion on management's report, as well as another opinion on the effectiveness of those controls.

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