Resources for Sarbanes-Oxley (SOX)

SOX 404 Attestation Reports For Foreign Subsidiaries Effect Of The Principles-Based Approach Of AS5

www.metrocorpcounsel.com

During the first three years of SOX, we heard many complaints from management. One cause of the complaints was that the attestation report procedures required at that time were new to management and therefore time and labor intensive. The other was that requirements of Sarbanes-Oxley were rules-based rather than principles-based. Now because AS5 (Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That is Integrated With An Audit of Financial Statements) has, like the UK, adopted a principles-based approach, I believe that the time and cost to U.S. businesses will be reduced.

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