Resources Global Professionals Supports SEC's New Sarbanes-Oxley Guidance as Sensible for Companies and Investors
COSTA MESA, Calif., December 14, 2006 Resources Global Professionals, a leading multinational provider of professional services and the operating subsidiary of Resources Connection, Inc. (NASDAQ: RECN), supports the revised guidance proposed December 13 by the Securities and Exchange Commission to reduce costly burdens associated with the Sarbanes-Oxley Act compliance process, while preserving measures that have strengthened corporate internal controls and instilled confidence in investors.
Costa Mesa, California-based Resources Global, which helps companies document internal controls and Sarbanes-Oxley compliance efforts through its subsidiary Resources Audit Solutions, is pleased SEC commissioners voted unanimously to propose that company managements use a principles-based approach in planning and performing their assessments of internal controls over financial reporting.
"It's a net positive for corporate America," said Stephen J. Giusto, Chief Financial Officer and Executive Vice President of Resources Global Professionals. "It's much better to ask companies' managements to use their judgment to determine which controls are important in managing financial reporting risk rather than to use bright line tests. In our work with clients, we've observed that the effort expended by management and outside auditors in testing and providing opinions regarding the effectiveness of internal controls should be more focused and relevant to the financial areas most likely to create a material error. By taking this approach, management will be able to reduce the cost of compliance while still doing an effective job of testing controls. This should free up valuable time and resources that can be allocated to innovations needed to retain America's economic vitality."
Founded in 1996, Resources has been a publicly traded company since December 2000. The company was recently honored as one of America's 200 Best Small Companies by Forbes magazine. Selected for the fifth consecutive year, Resources placed #66 on the Forbes list.
In September, 2006, Resources was named #61 on Fortune magazine's list of 100 Fastest-Growing Companies and in June, Resources placed #21 on BusinessWeek's list of 100 Hot Growth Companies to watch in 2006.
ABOUT RESOURCES GLOBAL PROFESSIONALS
Resources Global Professionals is the only professional services firm dedicated to helping clients change their business from the inside out. Working as members of client teams, we solve problems, execute and transfer knowledge. Partnering with business leaders, we drive internal change across all parts of a global enterprise finance and accounting, information management, internal audit, human capital, legal services and supply chain management.
Resources Global was founded in 1996 within a Big Four accounting firm. Today, we are a publicly traded company with a market cap exceeding $1 billion. Our 3,600 professionals, from more than 80 practice offices, serve 2,100 clients in 50 countries.
Headquartered in Costa Mesa, California, Resources Global serves more than half of the Fortune Global 100.
The Company is listed on the NASDAQ Global Select Market, the exchange's highest tier by listing standards. More information about Resources Global is available at
http://www.resourcesglobal.com.
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