Panelists applaud the benefits of SOX 404 but suggest disclosure and requirement changes.
While Section 404 of the Sarbanes-Oxley Act has helped boost investor confidence in the U.S. capital markets, there could be improvements in disclosure and in the internal control assessment and reporting regime, panelists stated during the fourth panel at the SEC/PCAOB roundtable on Section 404 of Sarbanes-Oxley.
A number of panelists suggested that the testing cycle of non-critical controls should be lengthened or rotated to avoid repeated annual testing of low-level controls. Speakers who supported that idea included Monte Redman, chief financial officer of Astoria Financial Corporation, Karen Hastie Williams, director of Chubb Corporation and SunTrust Bank, and Robert Pozen, chairman of MFS Investment Management.
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