In those halcyon days earlier this decade before the credit crunch and deep recession, an easy way to strike fear into the heart of a chief financial officer of a public U.S. company was to utter the phrase ‘Section 404.’
Now, presumably, such CFOs have bigger worries.
Section 404 was the bogeyman for regulatory refuseniks. It was born in the 2002 Sarbanes-Oxley Act, itself a reaction to accounting scandals of the late 1990s.
