Sarbanes-Oxley

SEC released its final interpretive guidance for management and related rule amendments, as well as a proposed rule seeking comment on the definition of “significant deficiency” with respect to the internal control reporting rules:

• Interpretive Guidance: Commission Guidance Regarding Management's Report on Internal Control Over Financial Reporting Under Section 13(a) or 15(d) of the Securities Exchange Act of 1934.
  
• Final rule: Amendments to Rules Regarding Management’s Report on Internal Control over Financial Reporting. 
  
• Proposed Rule-Request for Additional Comment: Definition of Significant Deficiency." 
  
• SEC Requests Additional Comments on PCAOB Auditing Standard No. 5: The SEC recently requested additional comments about specific areas of PCAOB Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That is Integrated With an Audit of Financial Statements. The comment period ends July 12. 

The first document on Management's Report on Internal Control Over Financial Reporting  is most important to quality mangers, engineers, and auditors, as it shows where they can help management and finance department in the design, management, and auditing of internal controls. This promises to offer large cost savings from reduction of both external consultants and external auditing days.