Recent Industry Headlines
Thursday, October 18th, 2007
PCAOB Issues Staff Guidance On Auditing Internal Control in Smaller Public Companies - The guidance explains how auditors can apply the Board’s internal control auditing standard, Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements, to audits of smaller, less complex public companies.
Presidential hopeful Giuliani supported SarbOx but would push for change now - Mr. Giuliani, currently seen as the front-runner in the GOP field, spoke before the conservative, anti-tax Club for Growth in Washington and said that SarbOx - along with excessive litigation, overregulation and high corporate taxes - is harming the economy and driving business away to other markets.
The Enron whistle-blower who wasn’t - A USA TODAY investigation, involving interviews with two dozen former colleagues, reveals Brewer to be an astute self-promoter who parlayed an undistinguished 32-month stint as an Enron employee into a lucrative career in the corporate ethics industry.
Whistle-blowers still best at finding fraud-survey - The study polled 5,400 executives in 40 countries, with respondents reporting total losses of about $4.2 billion from fraud.
UK firms ‘losing out to bribery’ - Bribery and corruption is the fastest- growing economic crime to hit UK firms, a survey suggests.
Nortel agrees to pay $35m in SEC fraud case - Nortel Networks sought to put an accounting scandal behind it Monday when it agreed to pay $35m to settle regulatory claims that it defrauded investors by manipulating earnings between 2000 and 2003.
US boards too closely aligned with execs - survey - Even in a post-SarbOx world, it’s clear that investors still don’t have the level of confidence they should in the way U.S. corporations practice corporate governance
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