Ongoing Reforms in the U.S. (cont'd 2)

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Ongoing Reforms in the U.S.

  • Companies are encountering the following challenges:

    • many companies are finding the internal control requirements to be more difficult and costly to implement than expected
    • implementation timeframes have presented difficulties for some companies
    • roles and workloads for members of boards and audit committees are greatly expanded

  • Moving forward:

    • although progress is being made, it will take some time before we realize the full benefits of the Act
    • a comprehensive review of the effectiveness of the Act will be needed after at least one full implementation cycle
    • other issues of modernizing financial reporting and auditing will need to be addressed by standards setters