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GAO-07-1070R 1 (2007-07-06)

handle is hein.gao/gaobadwrg0001 and id is 1 raw text is: i T I M Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-309702 July 6, 2007 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Minority Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Amendments to Rules Regarding Management Report on Internal Control Over Financial Reporting 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 (Commission), entitled Amendments to Rules Regarding Management's Report on Internal Control Over Financial Reporting (RIN: 3235-AJ58). We received the rule on June 21, 2007. It was published in the Federal Register as a final rule on June 27, 2007. 72 Fed. Reg. 35,310. The Commission requires that companies include in their annual reports filed under sections 13(1) or 15(d) of the Securities Exchange Act of 1934, a report by management of each company's internal control over financial reporting (ICFR). This final rule clarifies that an ICFR that complies with the interpretive guidance referenced therein is one way to satisfy this requirement. The ICFR guidance was also published in the Federal Register on June 27, 2007. 72 Fed. Reg. 35,324. In addition, this final rule defines the term material weakness and revises the requirements regarding the auditor's attestation reports on the effectiveness of ICFR. Enclosed is our assessment of the Commission'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 Commission complied with the applicable requirements. GAO-07-1070R

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