2009 US Code
Title 15 - COMMERCE AND TRADE
CHAPTER 98 - PUBLIC COMPANY ACCOUNTING REFORM AND CORPORATE RESPONSIBILITY
SUBCHAPTER IV - ENHANCED FINANCIAL DISCLOSURES
Sec. 7262 - Management assessment of internal controls
View Metadata| Publication Title | United States Code, 2006 Edition, Supplement 3, Title 15 - COMMERCE AND TRADE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 15 - COMMERCE AND TRADE CHAPTER 98 - PUBLIC COMPANY ACCOUNTING REFORM AND CORPORATE RESPONSIBILITY SUBCHAPTER IV - ENHANCED FINANCIAL DISCLOSURES Sec. 7262 - Management assessment of internal controls |
| Contains | section 7262 |
| Date | 2009 |
| Laws in Effect as of Date | February 1, 2010 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 107-204, title IV, §404, July 30, 2002, 116 Stat. 789. |
| Statutes at Large Reference | 116 Stat. 789 |
| Public Law Reference | Public Law 107-204 |
§7262. Management assessment of internal controls (a) Rules required
The Commission shall prescribe rules requiring each annual report required by section 78m(a) or 78o(d) of this title to contain an internal control report, which shall—
(1) state the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and
(2) contain an assessment, as of the end of the most recent fiscal year of the issuer, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting.
(b) Internal control evaluation and reportingWith respect to the internal control assessment required by subsection (a) of this section, each registered public accounting firm that prepares or issues the audit report for the issuer shall attest to, and report on, the assessment made by the management of the issuer. An attestation made under this subsection shall be made in accordance with standards for attestation engagements issued or adopted by the Board. Any such attestation shall not be the subject of a separate engagement.
(Pub. L. 107–204, title IV, §404, July 30, 2002, 116 Stat. 789.)
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