Small Companies

JOBS Act Inspires Criticism of Regulatory and Governance Rollback

Tammy Whitehouse March 27, 2012

The newest members of the public company ranks will now have five years to avoid corporate governance requirements, thanks to the JOBS Act passed by Congress last week. Critics say the measure will do little more than play to scam artists. "With securities fraud running at a record level ... any reasonable person would understand there needs to be adequate protection of investors," says Lynn Turner, governance activist and former SEC chief accountant.

As Congress Mulls SOX Exemption, Survey Suggests Acceptance

Tammy Whitehouse June 22, 2010

As Congress inches ever closer to permanently lifting the internal control audit requirement for smaller public companies, Protiviti has published its annual survey showing companies with compliance experience are starting to see the benefits.In its 2010 Sarbanes-Oxley compliance survey, Protiviti says 70 percent of executives in at least their fourth...

SOX Efforts Could Be More Efficient, Poll Says

Tammy Whitehouse December 28, 2009

Nearly three-quarters of finance professionals participating in a recent poll said their efforts to comply with internal control reporting and auditing requirements could be more efficient.As part of its Inside Talk Webinar series, the Institute of Management Accountants and Ajilon Finance Solutions asked 210 accountants about their readiness to comply...

Data Says Audits Reduce Restatements, Speed Disclosures

Tammy Whitehouse December 03, 2009

Companies that file clean internal control reports without an audit opinion logged restatements at a 46-percent greater clip than companies with auditors, according to a recent analysis in response to possible Congressional action.Audit Analytics looked at the restatement history of companies that filed 2007 financial reports to look for differences...

CAQ Wraps Up AS5 Series for Smaller Companies

Tammy Whitehouse September 18, 2009

In the third of its three-part Webcast series on auditing internal control over financial reporting, the Center for Audit Quality provides some expert insight into how auditors should evaluate control deficiencies and wrap up the audit process.While that may be old hat for companies that have already experienced a few...

IASB Finalizes IFRS Rulebook for Small Companies

Tammy Whitehouse July 10, 2009

The International Accounting Standards Board has published its long-awaited standard that scales the entire international accounting rule book for small and medium-sized entities.The International Financial Reporting Standard for SMEs is a 230-page missive, developed over five years, that summarizes the entire library of IFRS and scales it to the needs...

No Deferrals Expected for 404b Audits, CAQ Says

Tammy Whitehouse June 19, 2009

Smaller public companies looking for yet another deferral of the internal control auditing requirements of Sarbanes-Oxley should focus their efforts instead on getting ready for the audit.That’s the message from the Center for Audit Quality as it continues a three-part Webcast next week to help smaller companies’ auditors get up...

PCAOB Plans More Forums for Smaller Firms in 2009

Tammy Whitehouse April 13, 2009

The Public Company Accounting Oversight Board will continue its forums for smaller auditing firms in 2009 with six events throughout the United States.The forums are intended to help smaller firms keep up-to-date on PCAOB rules and requirements as well as emerging audit issues. The agenda will feature case studies on...

PCAOB Offers Advice to Auditors of Smaller Companies

Tammy Whitehouse January 27, 2009

Auditors of smaller public companies that have so far escaped the audit of internal control over financial reporting are getting new direction from audit regulators to assure the first audit is appropriate to the size and complexity of the company.The Public Company Accounting Oversight Board published guidance for auditors of...

Web Programs Help Steer Smaller Companies Into AS5

Tammy Whitehouse September 17, 2008

As smaller public companies and their auditors gear up for their first audit of management’s report on internal controls, learning opportunities abound.The Center for Audit Quality is hosting a live, interactive Webcast on Sept. 25 to explore how well prepared auditors and management are for the first round of audits...

Delays Did Nothing to Help Small Cos. Cope With SOX

Tammy Whitehouse September 11, 2008

Numerous delays extended to smaller companies in the requirement to report on the effectiveness of internal control did nothing to improve their chances for success.That’s the conclusion of a recent Lord & Benoit report examining the first go-round of internal control reports for more than 3,300 smaller, non-accelerated filers. The...

PCAOB Offers Forums for Smaller Public Companies

Tammy Whitehouse September 04, 2008

For directors and finance staff of smaller public companies, the Public Company Accounting Oversight Board is planning a new forum agenda to cover the latest developments in audit regulation.As part of the series of forums on auditing in small-business settings, the PCAOB will provide staff updates on current accounting and...

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Survey of the Week

Deloitte is conducting their annual Look Before You Leap: Managing Risks in Global Investments survey to better understand the approaches companies are taking to address compliance and integrity-related risks in emerging markets.