What are the key points of the section 404 of the Sarbanes-Oxley Act?
What will be an ideal response?
Section 404 requires the management of public companies to assess the effectiveness of their organization's internal controls. This entails providing an annual report addressing the following points: (1) a statement of management's responsibility for establishing and maintaining adequate internal control; (2) an assessment of the effectiveness of the company's internal controls over financial reporting; (3) a statement that the organization's external auditors have issued an attestation report on management's assessment of the company's internal controls; (4) an explicit written conclusion as to the effectiveness of internal control over financial reporting; and (5) a statement identifying the framework used in their assessment of internal controls.
PTS: 1
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