SEC to discuss proposed Auditing Standard of Sarbanes-Oxley Act

28 March 2007

The SEC will hold an open meeting on 4 April to discuss the PCAOB proposed auditing standard for Section 404 of the Sarbanes-Oxley Act and the coordination of that proposed standard with the Commission’s related pending proposal to provide guidance for management of public companies implementing Section 404. Both proposals were published for public comment in December 2006, and the comment periods for both proposals ended on Feb. 26, 2007.

The comment letters received by the SEC and the PCAOB have highlighted the importance of alignment between the Commission’s and the PCAOB’s proposals.

“The SEC and the PCAOB have been working together to improve Section 404 procedures to establish a risk-based, top-down approach that is scalable for companies of all sizes”, said SEC Chairman Christopher Cox.

The final adoption of the SECs management guidance may take place in May 2007

Press release

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