The inadvertent disclosure of an investigation by the Public Company Accounting Oversight Board into Deloitte & Touche’s 2003 audit of truck maker Navistar International Corp. raised eyebrows recently as the first formal probe of a Big Four firm by the Board. But the probe should be of interest to public companies for another reason: It […]
Melissa Klein Aguilar
Posted inFrom the Archive
Former SEC Staffers Mull Impact Of High-Profile Exits
If you’ve read the financial headlines during the past few months, you may have noticed a string of some rather significant departures or planned departures at the Securities and Exchange Commission. While a turnover rate that evokes the image of a revolving door isn’t particularly unusual at the government agency, some observers say the recent […]
Posted inEthics & Culture
Bankers, Compliance Officers Laud AML Guidance
Bankers and compliance officers seeking guidance on complying with federal money laundering rules have gotten their wish. Federal banking agencies and a bureau of the U.S. Dept. of the Treasury have issued a manual to help examiners comply with anti-money laundering laws. The Bank Secrecy Act/Anti-Money Laundering Examination Manual (see box at right), issued June […]
Posted inFrom the Archive
Lesson From The IBM Probe: Go Forward, But Carefully
The early adoption of a new accounting standard that requires stock options to be expensed should have earned IBM a thumbs-up for making its numbers more transparent. Instead, the Armonk, N.Y.-based computer giant is facing an informal investigation by the Securities and Exchange Commission. The probe, revealed last week, appears to focus on whether the […]
Posted inUncategorized
Securities Act Reform Will Ease Offering Process
Companies looking to tap the capital markets have reason to rejoice. The Securities and Exchange Commission has approved changes to the Securities Act that should make that process faster, easier and less expensive. The reforms mark major changes to regulations dating back to the 1930s; The Securities Act of 1933 was the first federal law […]