Hi Max. You brought upa fantastic point about internal controls! Section 404 is probablythe...Hi...

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Accounting

Hi Max. You brought upa fantastic point about internal controls! Section 404 is probablythe most infamous section of the Act. It required management toperform an in-depth assessment of their internal controls andrequired the external audit firm to issue an opinion onmanagement's assessment. This section was met with great oppositionin the corporate world due to the cost implications. That's oneaspect of Sarbanes-Oxley that is often ignored in discussions. Formost large companies to comply, it was extremely costly - as inmillions and millions of dollars!
Class, do you thinkthere was any way to meet the same objectives but with a reducedcost? Why or why not?

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No whynot is discribed below in well understandable manner a single sentence wont make it happens to understand what it is Any way last portion of answer gives specific answer to requirement SARBANESOXLEY is a RULESBASED approach to See Answer

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In: AccountingHi Max. You brought upa fantastic point about internal controls! Section 404 is probablythe...Hi Max. You brought upa fantastic point about internal controls! Section 404 is probablythe most infamous section of the Act. It required management toperform an in-depth assessment of their internal controls andrequired the external audit firm to issue an opinion onmanagement's assessment. This section was met with great oppositionin the corporate world due to the cost implications. That's oneaspect of Sarbanes-Oxley that is often ignored in discussions. Formost large companies to comply, it was extremely costly - as inmillions and millions of dollars!Class, do you thinkthere was any way to meet the same objectives but with a reducedcost? Why or why not?