The Sarbanes Oxley Act of 2002 requires public companies to annually report all liabilities of the company. Non-compliance to the ADA is one of those liabilities. The Sarbanes Oxley Act also requires that public companies have a procedure in place to identify these liabilities and for the accounting firm to review the procedures in place.
On March 17, 2004, the Public Company Accounting Oversight Board filed with the Securities and Exchange Commission proposed Auditing Standard No. 2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements ("Auditing Standard No. 2"), pursuant to Section 107 of the Sarbanes Oxley Act of 2002 (the "Act") and Section 19(b) of the Securities Exchange Act of 1934 (the "Exchange Act").
Public accounting firms have exposure to the Sarbanes Oxley Act as they sign off on the company financials. Public companies' non-compliance to PL 101-336 (ADA) is a cost required to be reported by the Sarbanes Oxley Act. Access Technologies Services, Inc. (ACCESS) and Bryan J. Dziedziak CPA Ltd. are interested in being a third party service provider to companies regarding their financial exposure to non-compliance with PL 101-335 as required in:
Title IV - Enhanced Financial Disclosures
Sec. 404 - Management Assessment of Internal Controls
We can conduct an audit that identifies areas of the facility that are not in compliance with the ADA. We can then quantify those areas of non-compliance with an opinion of costs as part of the financial disclosure required under Title IV, Sec. 404(a)(1). We can issue a certificate of compliance once the retrofit has been completed. Enclosed is a sample of the certificate of compliance.
The following is an answer to a question from the staff of the Office of the Chief Accountant and the Division of Corporation Finance, U.S. Securities and Exchange Commission.
"However, as part of management's evaluation of a registrant's disclosure controls and procedures, management must appropriately consider the registrant's compliance with other laws, rules and regulations. Such consideration should include assessing whether the registrant (1) adequately monitors such compliance, and (2) has appropriate disclosure controls and procedures to ensure that required disclosure of legal or regulatory matters is provided. Evaluation of disclosure controls and procedures and internal control over financial reporting in respect of compliance with applicable laws or regulations does intersect at certain points, including, for example, whether the registrant has controls to ensure that the effects of non-compliance with laws, rules and regulations are recorded in the registrant's financial statements, including the recognition of probably losses under FASB Statement No. 5 Accounting for Contingencies."
Learn more. (www.sarbanes-oxley.com)