The Securities and Exchange Commission (SEC) held a roundtable discussion on the implementation of the internal control reporting requirements for public companies. The roundtable, on April 13, 2005, consisted of six panels designed to address key topics related to the first cycle of compliance with the requirements of section 404 of the Sarbanes-Oxley Act of 2002. The SEC invited representatives of public companies, auditors, investors, members of the legal community and others to participate. The SEC solicited comment letters from registered public accounting firms, registrants and interested parties on the implementation of section 404 and the future of the internal control provisions prior to the roundtable.

This publication summarizes the roundtable proceedings and includes a list of the participants in each panel, the issues the panelists were asked to address, a summary of the panelists’ views and Deloitte & Touche LLP’s (Deloitte & Touche’s) perspectives on these issues.