For the first time beginning in early February 2005, investors will receive information in public companies' financial reports about whether adequate internal control over financial reporting is in place. Good corporate internal control is one of the most effective deterrents to fraud and a key factor in preventing financial misstatements, so this information is important to investors.
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Investors and other market participants must understand these new reports so that the market benefits fully from Sarbanes-Oxley reforms. Two resource guides, developed jointly by Deloitte & Touche LLP, Ernst & Young LLP, KPMG LLP and PricewaterhouseCoopers LLP will help investors penetrate the complexities of internal control reporting and highlight areas where questions may arise.
Two Investor Resource Guides:
- Internal Control Over Financial Reporting: An Investor Resource - Designed as a broad overview of Section 404 of the Sarbanes-Oxley Act, this brochure explains the background and rationale for the new reports, provides a brief description of what the reports will include and explains the meaning of control deficiencies, management's report and the independent auditor's opinion.
- Perspectives on Internal Control Reporting: A Resource for Market Participants - More detailed and in depth, this publication, in question and answer format, is designed for investors and other market intermediaries including brokers, analysts and rating agencies interested in additional information on specific topics related to internal control reporting, material weaknesses, and the potential marketplace implications of the new reporting.
These guides were jointly developed by Deloitte & Touche LLP, Ernst & Young LLP, KPMG LLP and PricewaterhouseCoopers LLP around a shared commitment to investor education.