Saturday, November 6, 2010

Large Companies File Cleanest 404 Reports Ever in 2009

Via Compliance Week (T/Y Going Concern). 
Companies continue to make improvements in internal control over financial reporting, with accelerated filers hitting an all-time rock-bottom rate of adverse opinions of only 2.4 percent. Smaller companies that file their reports on internal control without an audit also showed some modest improvements in the most recent year as well, according to the latest report from Audit Analytics.
In the sixth year of compliance with Sarbanes-Oxley Section 404 requirements, companies with a public float greater than $75 million reduced their rate of adverse opinions from 5 percent in the fifth year to only 2.4 percent in the most recent year. Even if companies that have missed their filing deadlines turn in adverse opinions, it would bump the rate to only 2.8 percent, said Don Whalen, director of research for Audit Analytics.
Click Here to Read: Large Companies File Cleanest 404 Reports Ever in 2009

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