Speech by SEC Chairman:
Closing Remarks before the Roundtable on the Implementation of Internal Control Reporting Provisions
Chairman Christopher Cox
U.S. Securities and Exchange Commission
May 10, 2006
Before we adjourn, I'd like to thank everyone for their participation and willingness to share their experiences with us. The information you have provided at this roundtable and through written comments is extremely valuable.
I also would like to once again thank my fellow Commissioners, Acting Chairman Gradison, and the PCAOB Board Members for their participation.
We've heard today that 404 has produced both benefits and costs, and we've had a significant range of views about the relative importance of each. We also have heard specific feedback about issues that remain to be addressed and actions that the SEC and the PCAOB could take to make the internal control assessment and auditing more efficient and more effective.
The SEC and the PCAOB will evaluate the comments that we've received as we consider what next steps we'll take to improve the efficiency and effectiveness of the process.
Finally, while our focus today has been on those companies that have gone through two years of implementation of the internal control requirements, we also have heard of special challenges faced by companies that have not yet undertaken the process. We are sensitive to these concerns, and we will consider information we received here today in light of those important issues. We will also consider the important work of the Advisory Committee on Smaller Public Companies, which just had their first meeting as of our roundtable last year, and has now provided us with their final report.
That sums it all up. I want to thank everyone for being here. Our meeting is adjourned.