Companies are working so hard to comply with Section 404 of Sarbanes-Oxley that they haven't had time to buy new systems
By Staff Writer|August 01, 2003 at 08:00 PM
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How hard is it to comply with the Sarbanes-Oxley Act’s Section 404? Just ask Neal Barnard, CFO of Dana Commercial Credit Corp. and head of the Section 404 compliance project at his Toledo-based auto parts-maker parent Dana Corp. Section 404 requires a company’s top management and its auditors to attest to the reliability of the organization’s internal controls on financial data gathering and reporting. That involves extensive documentation on what controls exist and how they work, and so far at Dana, five people have been working full-time on the project for six months.”That’s roughly 10,000 people hours just from the five of us,” Barnard says.
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