The Sarbanes-Oxley Act of 2002 (also called "Sar-Ox" or "SOX") assigns personal responsibility to senior management of public and non-public organizations in the U.S. and is also being applied in various forms by other countries throughout the world. Of particular concern is Section 404 of the Act, which relates to "Management Assessment of Internal Controls." This section requires an internal control report and states "the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting."1

Typical examples of the difficulties that face senior management to ensure they support SOX are the following issues related to internal control over financial reporting of public companies and also in relation to judgments and estimates:

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