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REGULATORY ISSUES
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Posted by Tim Reason | CFO.com | US
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May 10, 2006 10:48 AM ET
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Selected Comments from the first panel:
Bob Davis, CFO of CA Inc and the Chamber of Commerce representative on the Roundtable: "In a nutshell, the costs are too high and the benefits are too low."
Barbara Hackman Franklin, audit chair of MedImmune, and director of Aetna, Dow Chemical and GenVec: "I think it is time to amend the [AS2] standard."
H. Rodgin Cohen, chairman of Sullivan & Cromwell:"At risk of apostasy, I really do believe there are significant benefits to 404." Cohen noted that 404 has worked in the public markets, in public companies, and in the M&A world where he plays. "I think it is fair to say the burdens have declined."
However, added Cohen, 404 has led to "a very conservative environment in the accounting environment with respect to internal controls. We are seeing direct correlation of failure to apply complicated accounting standard to a restatement and material weakness. Likewise, error seems to correlate directly to a significant deficiency."
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