Corporate fraud and misconduct remain a constant threat to organizations in India. This 31-page research report from KPMG offers insights on prevention, detection and investigation.
Posted inFrom the Archive
‘Embedded Testing’ for Simpler SOX Compliance
PRESENTERCees KlumperFormerly vice president of internal control at Royal Ahold and now a director in the KPMG Business Advisory GroupCees Klumper, former vice president of internal control at $61 billion supermarket giant Royal Ahold, explains the “embedded testing” approach he developed at Ahold to cut SOX compliance costs, where managers’ testing of a control is […]
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Explaining Corporate Governance: Boards, Bylaws, and Charter Provisions
Academic paper from the Weinberg Center for Corporate Governance at the University of Delaware describes how an industry’s particular characteristics help explain its corporate governance.
Posted inAccounting & Auditing
Nearly 1,000 Audit Firms Registered With Board
According to a speech delivered last week by William McDonough, chairman of the Public Company Accounting Oversight Board, 977 accounting firms have registered with the PCAOB. In addition, over 200 firms are awaiting approval from the Board to audit U.S. public companies.If there was any doubt about audit firm consolidation, McDonough noted that there are […]
Posted inAccounting & Auditing
Board Adopts Final Rules for Inspections of Accounting Firms
On Oct. 7, The Public Company Accounting Oversight Board adopted final rules relating to inspections of registered public accounting firms. BackgroundAccording to Section 104 of Sarbanes-Oxley, the PCAOB must conduct a continuing program of inspections to assess how public accounting firms are complying with the Act and subsequent rule-making and professional standards.On July 28, the […]
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Complications Regarding Backup Certifications And GC
OThe GC of a subsidiary is being asked to give a back-up 302 certification to the parent company. Won’t that blow the attorney-client privilege between the GC and the sub? And is it common for a GC to provide back-up to a certification required by the principal executive and principal financial officer? What are the […]
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Instructions for Requesting Unused Money
All requests for unused monies must be submitted in writing on letterhead of the account holder to the SEC, Fee Account Services Branch, 6432 General Green Way, Mail Stop 0-6, Alexandria, VA 22313 or by fax at (703) 914-2754. Requests submitted by email are not acceptable. To ensure timely processing of your request, provide all […]
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Shareholder Approval Of Equity Compensation Plans
On June 30, the SEC approved rules requiring shareholder approval of equity compensation plans, including stock option plans. The new rules will also require approval for repricings and material plan changes.The rules were originally proposed and adopted by the New York Stock Exchange and the Nasdaq Stock Market, and will apply to their listed companies.While […]
Posted inInternal Controls
Text Of Sarbanes-Oxley Section 404: Management Assessment Of Internal Controls
(a) RULES REQUIRED- The Commission shall prescribe rules requiring each annual report required by section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) to contain an internal control report, which shall– (1) state the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and […]
