Thursday, September 27th, 2007
From ITBusinessEdge.com - Posted by Lora Bentley on September 25, 2007 at 3:18 pm
Business Insurance reports that the SEC reiterated its position yesterday regarding Sarbox compliance deadline extensions for smaller companies: There won’t be another one.
Specifically, the SEC’s corporation finance director, John White, said:
I would just urge all of you that are advising small companies that, at least from this building (the SEC), we are not anticipating any extensions … If you want to do this in an efficient and effective way, you should be getting to work on the task that is at hand for the end of the year.
Companies with a market capitalization of less than $75 million must comply with the controversial corporate reform law’s internal controls requirements beginning this year. The agency has already delayed the deadline for internal controls compliance four times, and the story indicates that some SMBs are “still moving slowly” on compliance.
Given the tone of White’s comments, I would guess they’re in for a rude awakening if they don’t get it in gear.
Small companies are supposed to be compliant with the management portion of the act for financial statements filed on or after Dec.15 2007 and compliant with the SEC’s auditor assessments by 2009. Will your company be ready?
Posted in Regulatory Reform, Sarbanes Oxley | No Comments »
Thursday, August 30th, 2007
We peruse the Internet headlines so you don’t have to. Here are the recent headlines (and links) we felt newsworthy:
SOX rocks, says ex-Rep. Michael Oxley - "The world is following our lead," said former congressman Michael Oxley, the keynote speaker at the third annual Gartner Financial Services Technology Summit in New York yesterday.
Sarbox Peels Back The Onion - While some in the business community have ranted and raved about what was once a compliance debacle, the new regulatory environment is now becoming business as usual.
Top auditors’ median fees up by 345 per cent - In a sign of the explosion in audit activity since the passage of the Sarbanes-Oxley compliance law, the median fees earned by the world’s top auditing firms shot up by 345 per cent in the five years to 2006, a study said on Wednesday.
Survey of CFOs: SOX Compliance Too Costly - Nearly 90% of CFOs believe that the cost of compliance with Sarbanes-Oxley (SOX) outweighs the benefits, according to the latest survey from the Tillinghast business of Towers Perrin.
AFL-CIO Urges More Scrutiny of Options - Old filings could reveal illegal backdating and should include records from 34 days before and 48 hours after the Sarbanes-Oxley Act was enacted in 2002.
Take A Risk-Based Approach To Testing - Sarbanes-Oxley Section 404 Compliance - From Project to Sustainability summarizes the compliance practices of leading companies and describes how they are improving their processes in the second year of compliance as they strive toward long-term sustainability.
Posted in Regulatory Reform, Sarbanes Oxley | No Comments »
Wednesday, August 22nd, 2007
SarbOx Controversial, But Seen Doing The Job - Despite criticism from many U.S. executives who call the requirements too costly and cumbersome, recent studies suggest the law has done more good than harm. Now other countries are following the U.S. with similar measures to shore up corporate accounting.
The SarBOX: Accounting czar is a $600,000 man - Turns out Mark Olson makes about three times as much as his colleague Christopher Cox, chairman of the Securities and Exchange Commission.
Canadian firms pulling up their SOX, says study - According to a recent study by IDC Canada, the Canadian version of the American Sarbanes-Oxley legislation has figured more prominently among Canadian firms this year.
Dell Founder In Spotlight After Accounting Audit - Dell said Thursday it would restate four years of financial results, reducing net income for the period by $50 million to $150 million.
Chilling Thoughts - A new study compares companies here and abroad, and concludes that Sarbanes-Oxley appears to have put a damper on risk-taking by U.S. firms.
SEC Announces $55 Million Fair Fund Distribution To Investors Injured In Banc One Investment Advisors Market Timing Fraud - The Securities and Exchange Commission today announced the distribution of approximately $55.6 million in Fair Funds to more than 200,000 investors who were harmed by fraudulent market timing in certain Banc One mutual funds (One Group Funds).
SOX Spending is down, but CIOs still have work to do - A study from Foley & Lardner LLP shows that while the total cost of SOX compliance dipped in 2006, spending on so-called out-of-pocket costs rose by double-digit percentages.
A new playbook for corporate family feuds - In the world post-Sarbanes Oxley, regulators can ask a company to waive privilege as evidence of co-operation, and auditors are becoming less shy about demanding access to confidential documents before certifying financial statements.
Taiwan premier urges measures to beef up risk management among financial firms - Premier Chang Chun-hsiung urged the Financial Supervisory Commission (FSC) and other related government agencies to take necessary measures to strengthen risk management practices among Taiwan’s financial firms against the backdrop of US subprime mortgage sector troubles.
Breeden Tries to Square ‘Mr. Fix-It’ Activist Roles - Richard Breeden’s reputation as the dean of corporate governance is on the line.
Consulting Pays Off for Accountants Again - Deloitte & Touche resisted splitting with its consulting arm, and now the multibillion-dollar segment has inspired other audit firms to rebuild theirs
Posted in Regulatory Reform, Sarbanes Oxley | No Comments »
