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News Release from: SEMI
Edited by the Electronicstalk Editorial
Team on 01 March 2007
Semiconductor body demands more
reasonable SOX
SEMI has submitted comments to the US SEC and Public Company Accounting Oversight Board asking for reasonable interpretation Sarbanes-Oxley act.
SEMI submitted comments to the US Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) on Section 404 of the Sarbanes- Oxley Act In December, the SEC and PCAOB released potentially significant changes to Section 404 guidance for the Sarbanes-Oxley Act (SOX) and the corresponding auditing standard with an open comment period through February 26
This article was originally published on Electronicstalk on 8 Nov 2004 at 8.00am (UK)
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Earlier this month, SEMI conducted an industry wide survey on Sarbanes-Oxley with the Fabless Semiconductor Association (FSA).
The survey results were incorporated into a joint comment letter from SEMI and FSA and are available on SEMI's web site.
SEMI's members that are registered with the SEC make up an $18 billion dollar sector of the US economy and are highly exposed to the competitive consequences of any cost imposed by US capital markets regulation that does not have a commensurate benefit to their customers or their shareholders.
"Our member companies are committed to maintaining internal controls that provide reasonable assurance that the company has effective and efficient operations and reliable financial reports".
"SEMI is told that the SOX 404 process is too much about assurance and not enough about reasonable, cost- effective assurance", says Victoria Hadfield, president of SEMI North America.
"SEMI believes that the Proposed SEC Guidance and the PCAOB's recommendations for improving AS-5 must restore the concept of 'reasonableness' to the overall Sarbanes-Oxley compliance process".
"Furthermore, the new rules need to encourage management and the auditors to work together to eliminate duplicative, costly, and wasteful evaluations".
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