Sarbanes-Oxley. CFO.com reports that the SEC has approved a new auditing standard proposed by the PCAOB (Public Company Accounting Oversight Board) related to Section 404 of SOX.

The auditor's report on internal control over financial reporting will express two opinions — an opinion on whether management's assessment of the effectiveness of internal control over financial reporting as of the end of the most recent fiscal year is fairly stated, and an opinion on whether the company has maintained effective internal control over financial reporting as of that date.