The leading industry experts at Audit Analytics recently posted their Section 404 ICFR Year 3 report. What’s the key takeaway? SOX Section 404 is working. As of October 2007, the overall rate of adverse Year 3 SOX 404 opinions/assessments has declined from previous years — at 8.6 percent, which is down from 10.5 percent in 2006 and 16.9 percent in 2005. And so far this year, there has been a 10 percent decrease in of adverse disclosures from auditor opinions filed by first-time SOX 404 filers. Clearly there is a trend taking place in that Section 404 is having an impact on they way companies do business, especially related to internal controls.
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