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Congress identified three principle roles for EPA under Section 404, all supporting the Corps:
One reason risk managers have not been more involved may have to do with a lack of understanding within the organization of the risk management process and its potential application to Section 404 compliance," wrote David Bradford, editor in chief of "Advisen Briefing," which released the survey results.
Finally, the SEC stated that "ultimately, all public companies will be required to comply with the internal control reporting requirements of Section 404," signaling that there is more guidance for smaller companies to come.
In the case of Section 404 compliance, the cost of failure could be much higher than just time and money.
At least one year before the deadline, management should assign a project leader, establish a time line and a project team, engage outside assistance if necessary, set scoping criteria, "assess risk" and review the section 404 plan with the audit committee and external auditors.
The key problem with 404 is that it is too vague and open-ended.
Compliance with Section 404 in particular requires a remarkable degree of transparency into the organization's content and processes.
These new open forums offer a platform for organizations and shareholders to learn about the 404 journey, share leading practices, and candidly discuss ways to address the evolution of effective internal controls," said Flynn.
GLO aspires to take filers' frustration away from understanding the SOX 404 regulation and reduce the anxiety surrounding the cost.
404 compliance services include The Committee of Sponsoring Organizations' Internal Control-Integrated Framework and Control Objectives for Information and Related Technologies.
As the compliance deadline for section 404 of the Sarbanes-Oxley Act approaches for some companies, many have yet to face a critical hurdle: the assessment of their company-level controls.
But as public companies struggled to get their hands around compliance, and particularly onerous Section 404 requirements by the December deadline, they've shelled out millions of dollars to auditors, accountants and consultants.
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- 401(k) plan
- 401(k) Plans
- 401-k plan
- 401-k plan
- 401k Plan
- 401k Plans
- 4029 Form
- 4029 Forms
- 403(b) Plan
- 403(b) Plans
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- 404 Error
- 404 Error
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- 40G Ethernet
- 40th Infantry Division
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- 40th President of the United States