Disclosure


TThe SEC changed—and proposed further modifications to—its mutual fund rules and forms ( www.sec.gov/news/press/2004-16.htm ). In one action, to improve funds’ disclosure of costs, investments and performance, the commission amended provisions pertaining to shareholder reports and quarterly portfolio disclosures. These new requirements will apply to reporting periods ending on or after June 18, 2004. The commission also proposed two amendments. One would require funds’ directors to disclose in detail the costs and benefits of each investment advisory contract they approve. Another would ban mutual funds’ use of brokerage commissions (which are fund assets) to finance the promotion or sale of fund shares—a practice that can increase fund expenses and reduce investment returns. Comments are due April 26.

SPONSORED REPORT

States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.