Sarbanes Oxley Headlines
Tuesday, March 11th, 2008We peruse the Internet headlines so you don’t have to. Here are the recent headlines (and links) we felt newsworthy:
Hot Times for Accounting Officials - The SEC thinks that members of the Financial Accounting Standards Board require fat raises to stay on board. Here’s what they’ll be making now…
CAQ Urges SEC to Use Proposed 404(b) Delay Wisely - The Center for Audit Quality has weighed in on the Securities and Exchange Commission’s proposal to delay certain internal control reporting requirements for smaller companies, in a letter suggesting that the commission use the postponement to better assess the costs and benefits of implementing new standards and guidance.
The SarbOx: Dole dangles compliance break for banks - A Senate Republican plans to introduce federal legislation that would allow banks to opt out of certain provisions of the Sarbanes-Oxley Act. Chances of passage are small, however.
CBI warns against more banking rules - Government proposals to strengthen bank regulation in the aftermath of the Northern Rock debacle risk damaging the UK financial services sector, the director-general of the CBI, the employers’ body, warned on Thursday night.
Syms and the Future of Sarbanes-Oxley - The Sarbanes-Oxley Act has many detractors. They claim that the Act is an over-burdensome piece of regulation, one that has imposed costly and unneeded obligations on issuers. It has driven U.S. companies to exit the public markets and "go private" and it has deterred non-U.S. companies from raising capital and listing in the United States.
Lack of Tools Hampers IT Risk Management - The field of IT risk management is far from new, but there are few mature management tools yet because regulations have only recently forced companies to evaluate which threats will be the biggest, and how best to protect the company from them.
U.S., Europe Officials Examine Banks’ Risk Management (Update2) - U.S. and European regulators are "critically evaluating’" weaknesses in banks’ risk management that led to more than $181 billion in asset write downs and credit losses as mortgage loans soured.
Ignore a Whistleblower - at Your Peril - Report of biotech firm Dyadic tells a tale, in 554 pages, of trouble captured in 4-year-old e-mails that the then-CEO kept to himself. The CFO has stepped in as chief executive - and chief rectifier.
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