Recent SOX News
Friday, March 2nd, 2007The SOX Institute peruses the Internet headlines so you don’t have to. Here are the recent headlines (and links) they felt newsworthy:
Senators Press SEC, PCAOB for 404 Delay - Kerry and Snowe want to put off small-company compliance by one year. At the same time, total spending on Sarbox compliance seems to have topped out at $6 billion, new research finds.
FEI Calls for SEC-PCAOB Alignment on SOX - Committees of Financial Executives International submitted separate letters to the Securities and Exchange Commission and the Public Company Accounting Oversight Board voicing concerns with proposed Sarbanes-Oxley Section 404 changes, and urging the importance of alignment between both agencies.
Further tweaks urged for Sarbanes-Oxley - Monday marked the closing of the comment period for rules proposed in December by the Securities and Exchange Commission and the Public Company Accounting Oversight Board that aim to streamline Section 404 of the 2002 corporate-governance law.
Report Shows Sarbanes-Oxley Works - Earnings restatements rose 13 percent last year but declined at larger companies that have to comply with a Sarbanes-Oxley requirement to inspect their internal controls, a report released Tuesday said.
Spectre of UK Sarbox looms - Last week, Accountancy Age revealed that the International Federation of Accountants has proposed making all company officials who speak to auditors sign ‘management representations’, or legal letters, raising the prospect of mountains of extra paperwork. Currently in the UK only directors have to do this.
Credit unions next in Sarbanes-Oxley sights - Some local auditors are telling their credit union clients to brace for stricter internal controls similar to those of the Sarbanes-Oxley accounting rules for public companies passed in 2002.
Phoning It In - In a recent study of nearly 200,000 whistle-blower reports of alleged infractions, almost two-thirds of the complaints were made via hotlines without first alerting anyone in management, and few prove to be false alarms.
HealthSouth CFO Avoids Prison, Again - Former HealthSouth chief financial officer Malcolm "Tadd" McVay was sentenced Thursday to five years’ probation, the same sentence an appeals court threw out last year.
AS5: More Flexible, Less Effective? - Does the PCAOB’s proposed replacement for Auditing Standard No. 2 offer too much leeway for professional judgment?
Posted in Industry News, Sarbanes Oxley | No Comments »
