Recent Industry Headlines
Friday, February 16th, 2007Levitt Loves SarbOx - Wrong. That's how former U.S. Securities & Exchange Commission Chairman Arthur Levitt describes moves spearheaded by President Bush, Treasury Secretary Henry Paulson and Wall Street to roll back corporate governance standards enacted over the past few years.
Sarbanes-Oxley Backfires in Unregistered Bond Sales - Sarbanes-Oxley, the U.S. law designed to stamp out corporate fraud, is prompting more companies to keep secrets in the bond market.
A Truce in the Sarbox Tech War? - Will companies and their auditors ever agree on how to test information technology systems for Sarbanes-Oxley compliance? The Institute of Internal Auditors hopes its new guidelines on IT controls will help.
Unraveling Wall Street Reforms - While legitimate arguments perhaps can be made to relax some elements of Sarbanes-Oxley, the discussion and decision-making should not be driven by those whose previous collective misdeeds the legislation was designed to thwart.
Surging CEO pay sparks backlash - Growing backlash over extravagant pay packages for US corporate executives has moved from boardrooms to Congress and now even to US President George W Bush.
Wall Street Gets Set for XBRL - Financial sector CIOs, barely through with the hassles of Sarbanes Oxley and the Federal Rules of Civil Procedure (FRCP), are steeling themselves for yet another government-driven technology challenge.
PwC to Pay $10M over 1996 Merger - A Georgia jury has returned a $10 million judgment against PricewaterhouseCoopers for "negligent misrepresentation" regarding the 1996 merger of nursing-home companies Convalescent Services and Mariner Health Group, according to published accounts.
CPA lauded for disclosing fraud at WorldCom - When Cynthia Cooper and her team of internal auditors failed to get an adequate explanation of "prepaid capacity" from colleagues in the WorldCom accounting department, they kept asking about the unusual entry in the company's books.
Shutterfly Names New Chairman - Marineau replaces Jim Clark, Shutterfly's original investor, who resigned as chairman in January. Clark said at the time that he left the company because the Sarbanes-Oxley law has taken corporate reform "too far" and was crimping his ability to lead the way he wanted.
Posted in Industry News | No Comments »
