KPMG Creates 404 Institute to Facilitate Financial Reporting Dialogue

KPMG has announced the establishment of the 404 Institute, an open forum designed to inspire the exchange of ideas and the development of research, leading practices, and a range of activities related to meeting the requirements of Section 404 of the Sarbanes-Oxley Act of 2002. Section 404 of the Act calls for companies to meet key requirements for their internal financial reporting controls by November 2004.

"Sarbanes-Oxley represents among the most significant changes to financial reporting since the Securities Exchange Act of 1934, and Corporate America is investing hundreds of millions of dollars on Section 404 compliance," said Timothy P. Flynn, vice chair of KPMG’s Audit and Risk Advisory Services. "The 404 Institute will create forums to help organizations leverage their current and future investments in internal controls, ultimately driving operating efficiencies and enhancing the transparency of financial reporting."

"These new open forums offer a platform for organizations and shareholders to learn about the 404 journey, share leading practices, and candidly discuss ways to address the evolution of effective internal controls," said Flynn. "We’re inviting all parties with a stake in the integrity of the financial reporting process to become active participants in the dialogue, with an eye toward developing white papers, case studies, and important academic and professional research about Section 404."

Flynn noted that the Institute’s discussions and research can be used to provide education and outreach to the investing public regarding Section 404 reporting. The 404 Institute will lead and facilitate topical discussions, seminars, conferences, forums, academic research, and thought leadership. The venues will enable audit committee members, senior executives, internal auditors, external auditors, technology infrastructure providers, those with process and advisory experience, and academic researchers to refine their thinking on the issues.

"We envision that the 404 Institute’s mission of facilitating dialogue among key constituents will help drive the education and implementation of Section 404," Flynn added. "In addition, through wide, multi-sector collaboration, the Institute will surface viable new ideas that may help evolve and improve the financial reporting process."

An advisory council to include corporate and industry executives, as well as representatives from universities and business schools, will help establish the Institute’s priorities and provide oversight for its activities.

The 404 Institute can be reached at

You may like these other stories...

Here's a CPA who truly walks the walk. On March 15, Frank Ryan, CPA, departed San Diego, California, with plans to be in Ocean City, Maryland, by July 2 to teach a course at the Maryland Association of CPAs’ (MACPA...
When Theodore J. Flynn first joined the Massachusetts Society of CPAs (MSCPA) in 1970, it was a different world and a different profession.  The "Big Eight" were still headquartered in Boston. Vietnam War...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Already a member? log in here.

Upcoming CPE Webinars

Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.