Commission Seeks Feedback and Announces Date of Roundtable on Implementation of Sarbanes-Oxley Internal Control Provisions
The SEC announced a public roundtable and solicited feedback on implementing Section 404 of the Sarbanes-Oxley Act, with no allegations of fraud, charges, or financial penalties—only a regulatory effort to evaluate internal control reporting experiences.
The U.S. Securities and Exchange Commission (SEC) issued a public notice on February 22, 2005, announcing a roundtable to be held on April 13, 2005, to gather input on the implementation of Section 404 of the Sarbanes-Oxley Act. The SEC sought written feedback from registrants, accounting firms, and investors regarding their experiences with management’s assessment of internal controls over financial reporting and auditors’ attestation, as required by the law. No fraud, misconduct, or financial penalties were alleged; the purpose was purely regulatory evaluation, with submissions due by April 1, 2005, and all comments made publicly available.
On February 22, 2005, the U.S. Securities and Exchange Commission (SEC) announced a public roundtable scheduled for April 13, 2005, at its Washington, D.C. headquarters to evaluate the implementation of Section 404 of the Sarbanes-Oxley Act. The roundtable aimed to collect feedback from public companies, auditors, investors, and other stakeholders on their experiences with the requirements for management to assess and report on internal controls over financial reporting, as well as auditors’ independent attestation of those assessments. The SEC explicitly stated that no allegations of fraud, wrongdoing, or enforcement actions were involved—this was purely a regulatory feedback initiative. Written submissions were invited until April 1, 2005, and could be submitted electronically or by mail, with all comments becoming part of the public record. The SEC emphasized that submissions would be posted unedited on its website, and participants were advised to avoid including personally identifiable information. The event was open to the public on a first-come, first-served basis and would also be available via webcast to increase accessibility. The goal was to inform future regulatory guidance and improve the practical application of Section 404, not to investigate or penalize any entity.
Extracted insights
- The Commission announced it would host a roundtable discussion
- The Commission solicit written feedback regarding the experiences of registrants
- The Commission announced the roundtable will be held on Wednesday, April 13, 2005
- The roundtable be open to the public
- The Commission intend to make the roundtable available by Web cast
- The Commission announced interested parties may submit their written feedback
- Section 404 require companies to report on management's responsibilities
- Section 404 require the accounting firm to report on management's assessment
- The Commission seeks written feedback from registrants, auditors, investors and others
- The information become part of the public record of the Section 404 roundtable
- Members of the public encouraged to provide the submissions before April 1, 2005
- The Commission post all submissions on the Commission's Internet Web site
COMMISSION SEEKS FEEDBACK AND ANNOUNCES DATE OF ROUNDTABLE ON IMPLEMENTATION OF SARBANES-OXLEY INTERNAL CONTROL PROVISIONS FOR IMMEDIATE RELEASE 2005-20 Washington, D.C., Feb. 22, 2005 - On Feb. 7, 2005, the Commission announced that it would host a roundtable discussion and would solicit written feedback regarding the experiences of registrants, accounting firms and others in implementing the new internal control requirements under Section 404 of the Sarbanes-Oxley Act of 2002. See Press Release 2005-13. Today the Commission announced that the roundtable will be held on Wednesday, April 13, 2005, in the William O. Douglas Room at Commission headquarters, 450 Fifth Street, N.W., Washington, D.C., beginning at 9 a.m. The roundtable will be open to the public, on a first come, first served basis. The Commission also intends to make the roundtable available by Web cast. The Commission also announced today that interested parties may submit their written feedback on the internal control implementation process. Section 404 and rules adopted by the Commission require companies that file annual reports with the Commission to report on management's responsibilities to establish and maintain adequate internal control over the company's financial reporting process, as well as management's assessment of the effectiveness of those internal controls. Section 404 and the auditing standards of the Public Company Accounting Oversight Board require the accounting firm that audits the company's financial statements to report on management's assessment, as well as on the effectiveness of the company's controls. The Commission seeks written feedback from registrants, auditors, investors and others on their experiences with implementing and evaluating the Section 404 requirements. The Commission is not soliciting feedback on a particular set of inquiries. The information that is submitted will become part of the public record of the Section 404 roundtable. Members of the public are encouraged to provide the submissions before April 1, 2005. Submissions may be provided by any of the following methods: Electronic submissions: Use the Commission's Internet submission form at www.sec.gov/news/press.shtml; or Send an E-mail to [email protected]. Please include File Number 4-497 on the subject line. Paper submissions: Send paper submissions in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. All submissions should refer to File Number 4-497. This file number should be included on the subject line if e-mail is used. To help us process and review your submissions more efficiently, please use only one method. The Commission will post all submissions on the Commission's Internet Web site (http://www.sec.gov/news/press/4-497.shtml). All submissions received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. http://www.sec.gov/news/press/2005-20.htm Home | Previous Page Modified: 02/22/2005
COMMISSION SEEKS FEEDBACK AND ANNOUNCES DATE OF ROUNDTABLE ON IMPLEMENTATION OF SARBANES-OXLEY INTERNAL CONTROL PROVISIONS FOR IMMEDIATE RELEASE 2005-20 Washington, D.C., Feb. 22, 2005 - On Feb. 7, 2005, the Commission announced that it would host a roundtable discussion and would solicit written feedback regarding the experiences of registrants, accounting firms and others in implementing the new internal control requirements under Section 404 of the Sarbanes-Oxley Act of 2002. See Press Release 2005-13. Today the Commission announced that the roundtable will be held on Wednesday, April 13, 2005, in the William O. Douglas Room at Commission headquarters, 450 Fifth Street, N.W., Washington, D.C., beginning at 9 a.m. The roundtable will be open to the public, on a first come, first served basis. The Commission also intends to make the roundtable available by Web cast. The Commission also announced today that interested parties may submit their written feedback on the internal control implementation process. Section 404 and rules adopted by the Commission require companies that file annual reports with the Commission to report on management's responsibilities to establish and maintain adequate internal control over the company's financial reporting process, as well as management's assessment of the effectiveness of those internal controls. Section 404 and the auditing standards of the Public Company Accounting Oversight Board require the accounting firm that audits the company's financial statements to report on management's assessment, as well as on the effectiveness of the company's controls. The Commission seeks written feedback from registrants, auditors, investors and others on their experiences with implementing and evaluating the Section 404 requirements. The Commission is not soliciting feedback on a particular set of inquiries. The information that is submitted will become part of the public record of the Section 404 roundtable. Members of the public are encouraged to provide the submissions before April 1, 2005. Submissions may be provided by any of the following methods: Electronic submissions: Use the Commission's Internet submission form at www.sec.gov/news/press.shtml; or Send an E-mail to [email protected]. Please include File Number 4-497 on the subject line. Paper submissions: Send paper submissions in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. All submissions should refer to File Number 4-497. This file number should be included on the subject line if e-mail is used. To help us process and review your submissions more efficiently, please use only one method. The Commission will post all submissions on the Commission's Internet Web site (http://www.sec.gov/news/press/4-497.shtml). All submissions received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. http://www.sec.gov/news/press/2005-20.htm Home | Previous Page Modified: 02/22/2005