NU Online News Service, May 16, 10: 04 p.m. EDT,Washington--Companies seeking to comply with new federaldisclosure rules must develop procedures that fit their ownparticular circumstances, according to some fuzzy new guidance fromthe Securities and Exchange Commission.
The SEC directive was issued in connection with Section 404 ofSarbanes-Oxley federal disclosure law.
Section 404 of the legislation requires each company thatreports to the SEC to include with its annual report a statement ofresponsibility by the company's management for establishing andmaintaining control of financial reporting, and an assessment ofthe effectiveness of those internal controls.
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