Startling claims from Section 404 mavens in the compliance world: efforts to streamline or even cut compliance costs using the much-touted “top down, risk-based” approach might actually, you know, work. Janis “The shift to cost containment is really happening now as we move into Year Three” of compliance with the Sarbanes-Oxley Act, says Christopher Janis, […]
Melissa Klein Aguilar
Posted inFrom the Archive
Rule Changes at NYSE And Nasdaq; More
The SEC has approved rule changes by the New York Stock Exchange and the Pacific Exchange, clearing the way for the proposed merger between the NYSE and Archipelago Holdings, owner of the Pacific Exchange. NYSE and Archipelago Holdings will join to become subsidiaries of NYSE Group Inc. The Commission says the changes it approved in […]
Posted inFrom the Archive
Some Companies Embracing SEC Pay Proposals Now
While the Securities and Exchange Commission’s proposed rules on executive compensation disclosures are nowhere near finished and won’t take effect at least until next year’s proxy season, some companies have decided they might as well start now. Observers say a number of factors are motivating companies to provide disclosure that goes beyond what’s currently required, […]
Posted inInternal Controls
404 Confab Set; Campos’ Tough Talk; More
The Securities and Exchange Commission and the Public Company Accounting Oversight Board plan another roundtable forum to discuss second-year experiences with the internal controls requirements of the Sarbanes-Oxley Act. Slated for May 10 at the Commission’s headquarters in Washington, D.C., the roundtable will include issuers, auditors, investors and “other interested parties.” This discussion on compliance […]
Posted inRegulatory Enforcement
New EU Opinion Clouds Whistleblowing Plans
In what could become a major headache for U.S. companies doing business overseas, a European advisory body says whistleblower systems and codes of conduct should be tailored to comply with each European nation’s data privacy laws. The pronouncement comes from the European Union’s Data Protection Working Party, and stems from a similar move by French […]
Posted inInternal Controls
Tension, Uncertainty Surround SOX 404 Exemptions
An important meeting of the Securities and Exchange Commission’s Advisory Committee on Smaller Public Companies last week did little but bring tensions around the Sarbanes-Oxley Act into sharper relief, even as the debate heats up still more with the release of the committee’s proposed recommendations. The panel was formed last year to examine the effect […]
Posted inAccounting & Auditing
Companies Seeking A Common Language On ERM
Sure, a rose by any other name might smell as sweet—but anyone wanting to call a risk by another name should probably first check with internal audit. In the wake of corporate scandals that led to the Sarbanes-Oxley Act, investors and regulators alike have pressured Corporate America to disclose ever-more details about their enterprise risks. […]
Posted inFrom the Archive
Change In Control, Termination Disclosures A Headache?
It’s called the “holy cow” moment: that point in a corporate merger when investors first hear about the eye-popping financial payouts executives stand to gain should the deal succeed. As one might guess, however, “holy” is rarely the four-letter word that springs to investors’ minds. Now corporations are having a holy-cow moment of their own, […]
Posted inInternal Controls
Convergence: When Internal Audits Uncover SOX Woes
The Sarbanes-Oxley Act may no longer be the overwhelming focus of internal auditors as it once was, but its spawn are still top of mind. In particular, some internal auditors are now carefully examining how they handle potentially SOX-related issues that arise outside of their normal testing work. Before such worries emerge, experts say, companies […]
Posted inInternal Controls
SEC’s Small Company Draft; Taxes And 404; More
A key committee of the Securities and Exchange Commission pondering ways to make compliance with the Sarbanes-Oxley Act more palatable planned to meet this week to discuss publishing a draft of its final recommendations. The SEC’s Committee on Smaller Public Companies was scheduled to meet Tuesday to wrap up its efforts and ready a draft […]