NU Online News Service, May 16, 10: 04 p.m. EDT, Washington--Companies seeking to comply with new federal disclosure rules must develop procedures that fit their own particular circumstances, according to some fuzzy new guidance from the Securities and Exchange Commission.
The SEC directive was issued in connection with Section 404 of Sarbanes-Oxley federal disclosure law.
Section 404 of the legislation requires each company that reports to the SEC to include with its annual report a statement of responsibility by the company's management for establishing and maintaining control of financial reporting, and an assessment of the effectiveness of those internal controls.
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