In many comment letters, CFOs have said that the commission's proposed 404 guidance isn't compatible with the PCAOB's internal-controls plan.
Acknowledging gaps between proposals by the Securities and Exchange Commission and the Public Company Accounting Oversight Board for complying with Section 404 of the Sarbanes Oxley-Act, the SEC will hold an open meeting next Wednesday to talk about how the two regulators can march in lockstep on internal controls.
"At the meeting the Commission’s staff will describe the remaining issues in aligning the proposed approaches, and those issues will then be considered by the Commission," the SEC stated in a release.
Indeed, in many comment letters sent to both regulators, CFOs said the two standards aren't aligned and are incompatible. Many of the letter writers said the tone and wording of the proposed rules are too different.
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