SEC, PCAOB issue more Sec. 404 internal control guidance.

• Position: SEC News - Public Company Accounting Oversight Board - Securities and Exchange Commission - Sarbanes-Oxley Act of 2002 - Brief Article

The SEC and PCAOB have issued additional guidance relating to internal control reporting under Sarbanes-Oxley Sec. 404.

The SEC noted that an overarching principle of its guidance is the responsibility of management to determine the form and level of controls appropriate for each company, and to scope their assessment and the testing accordingly.

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The PCAOB's policy statement and a new Q&A focus on the scope of the internal control audit and how much testing of a...