tag:blogger.com,1999:blog-8431368106238433082.post649663467743666426..comments2024-03-27T05:19:21.691-04:00Comments on FEI Financial Reporting Blog: SEC Extends Deadline on Sarbox 404 Surveyfinancial executives bloghttp://www.blogger.com/profile/11084436965192606339noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8431368106238433082.post-12445832972063506362009-01-20T04:00:00.000-05:002009-01-20T04:00:00.000-05:00Thanks for sharing your views with us.If you are i...Thanks for sharing your views with us.<BR/><BR/>If you are interested in finance then visit our site http://www.carloansmadesimple.com<BR/><BR/>Thanks again....willsmithhttps://www.blogger.com/profile/14108540270806779448noreply@blogger.comtag:blogger.com,1999:blog-8431368106238433082.post-40349916877590041902009-01-19T21:25:00.000-05:002009-01-19T21:25:00.000-05:00The SEC postponed its statiscal study, but they se...The SEC postponed its statiscal study, but they seem to be sinking their teeth into smaller company compliance, according to an SEC Division of Corporation Finance statement. <BR/><BR/>There is still so much confusion, even though ALL companies are required to document and assess internal control testings to support their conclusions under Section 404 (a). See <A HREF="http://www.section404.org/index.php?id=45" REL="nofollow">SOX Frequently Asked Questions</A> for more explanation of current requirements.<BR/><BR/>The SEC is targeting reviews of smaller public company disclosures for <A HREF="http://www.section404.org/index.php?id=45" REL="nofollow">Management Assessment of Internal Control</A> over financial reporting, non-accelerated filers, that had performed an evaluation and assessment for the first time. <BR/><BR/>SEC staff said, “It is the Division's view that the failure to provide this management report RENDERS THE ANNUAL REPORT MATERIALLY DEFICIENT.” They further elaborated that, “ if management DID NOT COMPLETE THE EVALUATION and provide the report as required by Item 308T(a), the company would not be timely or current in its Exchange Act reporting. This would result in the company NOT BEING ELIGIBLE TO FILE NEW FORM S-3 or FORM S-8 REGISTRATION STATEMENTS and the loss of the availability of Rule 144.” <BR/><BR/>And worse, “Because the filing of the Form 10-K constitutes the Section 10(a)(3) update for any effective Forms S-3 or S-8, THE COMPANY ALSO WOULD BE REQUIRED TO SUSPEND SALES UNDER ALREADY EFFECTIVE REGISTRATION STATEMENTS.”<BR/><BR/>For more information see CAQ Alert #2008-94Anonymousnoreply@blogger.com