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Welcome to Big4Guy.com. Big4Guy is an online resource where I will share with you the latest news, insights, knowledge and some experiences as a Big 4 consultant. We will discuss some of the important issues which organisations are facing today in the areas of information security, security and controls in SAP R/3, Oracle Applications, J.D.Edwards, Peoplesoft and various other ERP's. You will also find information on latest complaince regulations like Sarbanes Oxley, Basel II and so on. Big4guy will also attempt to provide valuable resources for individuals interested in examinations the CISA, CISM, CISSP, PMP and various other security certifications considered essential for entry in any Big 4 accounting, auditing and consulting firms. You are invited to post your comments and viewpoints to posts here. I sincerely hope this online journal will be useful to everyone from a budding student to a professional in the accounting, auditing, management and consultancy professions.

Post details: Section 409 of Sarbanes Oxley Act - Real Time Disclosures

01/11/06

Permalink 09:33:13 pm, Categories: Sarbanes Oxley, 149 words   English (US)

Section 409 of Sarbanes Oxley Act - Real Time Disclosures

Section 409 of the Sarbanes Oxley Act complements Section 404. The Section 409 states that all issuers complying with SOX, shall disclose to the public on a rapid and current basis such additional information concerning material changes in the financial condition or operations of the issuer in plain english which may include trend and qualitative information and graphic presentations, as the SEC determines, by rule, is necessary or useful for the protection of investors and in the public interest.

For my clients, my adivse is that the key to understanding Section 409 is that real time disclosures depend more on early warnings, which depend more often on operating information rather than on financial information. Section 409 thus in ways complements Section 404 of the Sarbanes Oxley Act.

I will discuss more on Real time disclosures in my coming posts for the readers benefits here.

More on Internal Controls >>

SAS 70 Audits , Control Deficiency , Designing Internal Controls

Permalink 1 comment

Comments:

Comment from: Mary [Visitor]
As I understand it, there are two aspects to Section 409 compliance. One aspect deals with notifying the public in a "rapid and current" manner when material changes in the financial condition or operations occur. The other aspect seems to be the IT systems in place at a company to monitor and trip an "alarm" when activities and/or trends indicate that a material change in financial condition or operations has occurred. What sort of monitoring systems, channels of disbursement (our company utilizes PrimeZone to disburse company information in addition to our company's website) and documentation (of both the monitoring systems and channels through which information is disbursed) achieve compliance with Section 409?
Permalink 09/12/06 @ 18:31

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