ACC201 Week 3 Discussion 2 Internal Control Over Financial Reporting

discuss why compliance with SOX Sections 302 and 404 is still a subject of ongoing interest.

Sarbanes Oxly. 2019  September 26. SOX Section 302: Corporate Responsibility for Financial Reports. Retrieved from: https://sarbanes-oxley-101.com/SOX-302.htm  

Sarbanes Oxly. 2019 September 26. SOX Section 404. https://sarbanes-oxley-101.com/SOX-302.htm

https://sarbanes-oxley-101.com/SOX-404.htm

In section 404  mandates that all publicly-traded companies must establish internal controls and procedures for financial reporting and must document, test and maintain those controls and procedures to ensure their effectiveness. Also 404 is most complicated and most expensive to implement of all the Sarbanes Oxley Act sections for compliance.  In section 404 it requires for businesses to have an annual audit of their internal controls related to accounting and financials

In section 302 requires the commission to adopt final rules that must be effective by a certain date, which is 30 days after the date of enactment, under which the principal executive officer or officers and the principal financial officer or officers. Some corporate responsibilities are the signing officer have reviewed the report, make sure it doesn’t have any untrue statement .