SEC Guidance On SOX Hailed By Insurers

Actions by a federal accounting regulator and a private sector overseer last week will reduce the cost of compliance with the controversial Section 404 of the Sarbanes-Oxley Act of 2002 by providing companies and their auditors with greater flexibility, several industry trade groups assert.

The new guidance from the Securities and Exchange Commission and the Public Company Accounting Oversight Board also shows the willingness of the agencies to be responsive to industry concerns about the cost of compliance with the provision as well as determining precisely how the agencies are interpreting the provision, the trade groups say.

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