Whether they believe in the merits of Sarbanes-Oxley or not, executives at public companies may be interested in the findings of two new reports related to the Act, both of which predict reductions in the Year Two costs associated with complying with Section 404, the much-maligned provision of the law that deals with internal control […]
Internal Controls
Posted inInternal Controls
404 Delayed For Non-Accelerated Filers; Now What?
Now that the Securities and Exchange Commission has voted to delay the compliance date for Section 404 of Sarbanes-Oxley for non-accelerated filers, those companies ought to be thinking about what to do with the extra time. At its Sept. 21 open meeting, the SEC voted to postpone for the third time the date by which […]
Posted inInternal Controls
SEC To Delay SOX 404 For Small Companies
At the Securities and Exchange Commission’s first open meeting since Christopher Cox took the helm as chairman, the Commission voted unanimously to postpone for an additional year the compliance date for filing internal control reports by companies not designated as accelerated filers. As expected, those smaller companies would have an extra year to comply with […]
Posted inInternal Controls
Internal Control Weakness, Disclosure Analyses
SEARCH NEW: Search “Controls & Procedures” Sections Of Periodic Reports Below is a list of the monthly internal control reports covered by Compliance Week since November 2003. The reports track disclosures of “material weaknesses” and in some cases “significant deficiencies” in companies’ internal control over financial reporting. Please note that some months include only a […]
Posted inInternal Controls
SEC To Vote On Changes To Small Company Rules
It’s the moment smaller public companies have been waiting on for months. The Securities and Exchange Commission announced that it will hold an open meeting tomorrow to consider, among other things, granting an extension to smaller public companies on complying with the internal controls reporting provisions of Sarbanes-Oxley. Late last week, the SEC said it […]
Posted inInternal Controls
Director Of Control Assurance At Rinker On Risk, SOX 404
This profile is the latest in a series of weekly conversations with executives at U.S. public companies who are currently involved in establishing and developing compliance programs. An index of previous conversations is available here. Describe your duties? I report to the audit committee and serve as their secretary. I am the ethics officer, so […]
Posted inInternal Controls
Internal Controls Cited In Settlement With Exempt Issuer
In a recent administrative settlement involving an issuer that is not subject to the registration and reporting provisions of federal securities laws, the Securities and Exchange Commission raised eyebrows by premising its action, in part, on a weaknesses in internal controls. The case, settled in August, involved a so-called “Section 529” college savings plan, which […]
Posted inAccounting & Auditing
AICPA To Adopt PCAOB’s Internal Control Definitions
The American Institute of Certified Public Accountants is looking for feedback on its plan to adopt the terminology public companies follow in defining material weaknesses and significant deficiencies for organizations beyond the capital markets. The AICPA’s Auditing Standards Board is exposing for comment its proposed statement on auditing standards, “Communication of Internal Control Related Matters […]
Posted inInternal Controls
Getting Through A SAS 70 Audit: First-Hand Experience
In the wake of Section 404 of Sarbanes-Oxley, Compliance Week has written extensively about SAS 70 Type II audits. (see coverage below, right.) The audits have become increasingly important for some public companies; management has to assess the effectiveness of the company’s internal control over financial reporting, and critical outsourced services that might materially impact […]
Posted inInternal Controls
Schering-Plough’s Corporate Secretary Talks Governance
This profile is the latest in a series of weekly conversations with executives at U.S. public companies who are currently involved in establishing and developing compliance programs. An index of previous conversations is available here. What’s your role at Schering-Plough? I’m corporate secretary. I also head up securities law, corporate governance, corporate finance, treasury, and […]
