The SEC's press release announcing the proposed guidance for SOX section 404 compliance is available here. Reuters reports:
Short on specifics, the SEC's guidance rests on broad principles, leaving much up to judgment of individual company executives. SEC staffer Zoe- Vonna Palmrose said, "It focuses on where management has to get, not how it has to get there."
By not completely overhauling the existing 404 rule, the proposed guidance would save companies that have been complying with the section to carry on with little change.
