Friday, February 23rd, 2007
Sarbanes-Oxley spending seen at $6 billion in 2007 - Corporate spending to comply with Sarbanes-Oxley accounting legislation is likely to hold steady at $6 billion in 2007 as smaller companies are required to comply with some sections of the law for the first time, a survey from AMR Research showed on Thursday.
Fraud Detection: The New 404? - The PCAOB slams auditors for poor fraud detection. Corporations can expect steep audit fees to follow.
As regulation crimps U.S. IPO business, anxiety is rising - In this era of superlatives on Wall Street - record profit, record pay, record mergers - a chorus of alarm is rising over a tectonic shift within the global securities industry.
PCAOB’s Niemeier: No Sarbox Rollback - "If we start tweaking are we putting at risk the one thing that gives us a true competitive advantage in the world?"
When Budgets Loom, It’s Time to Rent a C.F.O. - Nonprofits and private and public businesses of all sizes are turning to temporary finance chiefs as they struggle to meet new regulatory guidelines.
Reform Effort Rebuked - Despite professions of independence, the Committee on Capital Markets Regulation has been accused of being sympathetic to the Bush Administration.
Emails Reveal Backdating Scheme - As part of a years-long scheme to backdate stock options at Mercury Interactive Corp., former executives allegedly altered documents, repeatedly changed the dates of some option grants, and sent each other emails discussing the improper practice, according to a court document that has been at the center of a battle over confidentiality in the case.
Business Council fights ‘impractical’ reporting push - Australia’s top businesses have come out against proposed rules that would force companies to come clean on their sustainability and corporate responsibility efforts.
Posted in Industry News | No Comments »
Wednesday, February 21st, 2007
**Top News**
Sandia backhacker wins wrongful discharge lawsuit
Fired federal security worker wins vindication by pitting agency against agency- http://www.itcinstitute.com/info.aspx?id=35627
US cyber defenders engaged in "Cold War" with China
Chinese hackers attack anything and everything like digital mad dogs - http://www.itcinstitute.com/info.aspx?id=35628
Majority of Web sites remain dangerously exposed
Average site has 66 security vulnerabilities - http://www.itcinstitute.com/info.aspx?id=35629
SEC fines Dow for noncompliance with Foreign Corrupt Practices Act
Financial controls failed to stop bribes to officials in India - http://www.itcinstitute.com/info.aspx?id=35630
**Regulation Watch**
UK clamps down on black market in personal data
Pretexters now face up to two years in prison - http://www.itcinstitute.com/info.aspx?id=35632
EU directive limits copyright exemptions for schools, hospitals
On-demand, streaming media no longer excused, directive says - http://www.itcinstitute.com/info.aspx?id=35633
Copyright protection extended to business e-mail
Forwarding an e-mail without consent could infringe copyright - http://www.itcinstitute.com/info.aspx?id=35634
Implementation of Canadian version of SOX suffers further delays
Required testing of financial controls is delayed six months - http://www.itcinstitute.com/info.aspx?id=35635
**New Research**
Restatement rate continued to climb in 2006
While larger firms enjoyed a decrease, smaller ones saw a rise in financial restatements - http://www.itcinstitute.com/info.aspx?id=35636
FBI continues to lose laptops, but at a slower rate
Most appear to have been encrypted - http://www.itcinstitute.com/info.aspx?id=35637
Data centers power consumption doubles in five years
Proliferation of inexpensive servers led to spike in power consumption - http://www.itcinstitute.com/info.aspx?id=35638
Outsourcing market set to explode, study finds
89 percent of respondents plan on increasing outsourcing - http://www.itcinstitute.com/info.aspx?id=35639
**ProsecutionWATCH**
Morgan Stanley security consultant admits to stealing trade secrets
He hoped to exploit client list for his own purposes - http://www.itcinstitute.com/info.aspx?id=35640
UK financial regulators fine company nearly 1MM pounds for losing laptop
Fine reduced 30 percent when the violators cooperated - http://www.itcinstitute.com/info.aspx?id=35641
China arrests six in massive virus infection
More than a million PCs were infected by password-stealing malware - http://www.itcinstitute.com/info.aspx?id=35642
Insider admits to stealing $400 million of research in DuPont data breach
Researcher loaded up before moving to another job, and now faces prison - http://www.itcinstitute.com/info.aspx?id=35643
Posted in Compliance Management, Industry News | No Comments »
Monday, February 19th, 2007
Feb. 15, 2007 (SmartPros) — In the question-and-answer session following his testimony before the U.S. Senate Banking Committee on Wednesday, Federal Reserve Chairman Ben Bernanke said Sarbanes-Oxley regulation is "worthwhile to keep."
"If you take Sarbanes-Oxley as an example, to the extent that Sarbanes-Oxley appropriately balances disclosures and governance against the costs of achieving those disclosures and governance, I think it's worthwhile to keep even if there's some short-run tendency for firms to run away from that," said Bernanke. "Because the investor wants that protection, and ultimately the investor will reward firms that list on exchanges that have appropriate, adequate protections, such as a well-designed Sarbanes-Oxley."
Bernanke added that the costs associated with any financial regulation raise questions.
"There are always concerns about Sarbanes-Oxley, about Basel II, about the regulatory structure, about the securities litigation, about [the Committee on Foreign Investment in the United States, and] many other things that we could point to, where legitimate questions can be raised about whether the costs of those regulatory schemes exceed the actual benefits to investors and to others of implementing them," he said.
Bernanke's semi-annual testimony before Congress forecasted modest growth in the economy this year, and said inflationary pressure appear to be waning.
Bernanke is scheduled to give testimony today before the House Financial Services Committee.
Posted in Sarbanes Oxley | No Comments »
