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GAO-02-1100R 1 (2002-09-23)

handle is hein.gao/gaobadwhl0001 and id is 1 raw text is: I Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 B-291257 September 23, 2002 The Honorable Paul S. Sarbanes Chairman The Honorable Phil Gramm Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Michael G. Oxley Chairman The Honorable John J. LaFalce Ranking Minority Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Certification of Disclosure in Companies' Quarterly and Annual Reports Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (SEC), entitled Certification of Disclosure in Companies' Quarterly and Annual Reports (RIN: 3235-AI54). We received the rule on August 30, 2002. It was published in the Federal Register as a final rule; request for comments on September 9, 2002. 67 Fed. Reg. 57276. The final rule implements section 302 of the Sarbanes-Oxley Act of 2002 (Pub. L. 107- 204, July 30, 2002) requiring issuers' principal executive and financial officers to certify the financial and other information contained in issuers' quarterly, annual, and other periodic reports filed or submitted under the Exchange Act. In addition, the rule requires issuers to establish, maintain, and regularly evaluate the effectiveness of disclosure controls and procedures designed to ensure that the information required in reports under the Exchange Act is recorded, processed, and summarized and reported on a timely basis. Enclosed is our assessment of the SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review indicates that the SEC complied with the applicable requirements. GAO-02-1IOOR

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