Latest SOX News
Friday, April 27th, 2007Here are the recent headlines (and links) we felt newsworthy:
Senate rejects Sarbanes-Oxley change - Republicans attempted to make compliance optional for companies with a market value of less than $700 million.
US official sees Sarbanes-Oxley standoff resolved - By a vote of 62-35, the Senate set aside an amendment to make compliance with Sarbanes-Oxley’s Section 404 optional for companies with total market value of less than $700 million.
SECOND-YEAR IMPLEMENTATION OF AUDITING STANDARD NO. 2 - REPORT
European Cos. Exit U.S. Exchanges - European companies are already signaling their intent to take advantage of a pending change in rules that will let them easily cancel U.S. stock listings and escape the regulatory constraints of the Securities and Exchange Commission and the Sarbanes-Oxley Act.
Apple ex-CFO links Jobs to backdated options - Apple Inc.’s former finance chief said on Tuesday he relied on Chief Executive Steve Jobs in the handling of backdated stock options, putting the spotlight on the company’s co-founder in the scandal.
Scrushy Settles SEC Suit for $81M - Fired HealthSouth Corp. Chief Executive Richard Scrushy agreed to pay $81 million to settle a lawsuit filed by the Securities and Exchange Commission blaming him for a $2.7 billion accounting fraud at heath care services company.
In Rare Move, Auditor Sues Client - "Fannie Mae repeatedly, systematically and intentionally misled KPMG," the audit firm alleges in a countersuit.
Fraudster Kicks Enron While It’s Down - A former Enron executive will serve 63 months in prison without parole for submitting false invoices for consulting work - several years after the company filed for bankruptcy.
Compliance Officer Charged as Insider - More than 50 illegal trades in Amkor Technology stock and options were allegedly executed by the person responsible for administering Amkor’s blackout periods, according to the SEC.
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