When Flowserve Corp. announced last week it would delay the filing of its second and third quarter filings, it came as little surprise to those who follow the $2.4 billion maker of pumps, valves, and flow control equipment. After all, this is the third straight quarter it has postponed its quarterly filing. In the second […]
Internal Controls
Posted inInternal Controls
UK, Irish Companies Get SOX Compliance Assistance
The U.K. Financial Reporting Council is offering some assistance to U.K. and Irish companies registered with the U.S. Securities and Exchange Commission on how to comply with Sarbanes-Oxley requirements regarding internal controls. The good news for those foreign-based companies is that the SEC has said it will accept the framework many of those companies are […]
Posted inInternal Controls
Companies Migrating From SOX ‘Myopia’ To ERM
How’s this for an understatement: “There has developed what seems to be an overemphasis on certain additional or duplicative levels of documentation, with a declining value in terms of how much that additional documentation would add to the effectiveness of internal control.” That’s according to Arnie Hanish, the chief accounting officer of Eli Lilly and […]
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Q&A With IKON’s General Counsel & Secretary
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. You are general counsel and corporate secretary, as well as chief compliance officer. How much of your time goes to […]
Posted inInternal Controls
Electronic Records Retention: Getting It Right
The computer’s common use as an essential business tool, and the tremendous and exponentially increasing storage capacity of computer generated or recorded information has transformed the landscape of information retention and destruction. Now record retention regulations are becoming increasingly important to follow, and follow correctly and consistently. Certain regulations in particular illustrate this need, including […]
Posted inInternal Controls
Q&A With Kaiser Permanente’s Compliance Officer
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. We’ve never interviewed the compliance officer of a nonprofit before. What do you oversee? Well, Kaiser is a complicated institution. […]
Posted inInternal Controls
Internal Control Disclosures From September
SECTION 404 The September Data View The Actual Internal Control Disclosures From September View Sample Disclosures Of Remediation Efforts From September View Samples Of Internal Controls As Risk Factors According to a review of regulatory filings, 40 companies disclosed material weaknesses or significant deficiencies in internal controls during the month of September, and dozens of […]
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Q&A With WellPoint’s VP And Deputy General Counsel
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. WellPoint has a few executives splitting up its compliance function. What do you oversee? I’m vice president and deputy general […]
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SEC, PCAOB Provide More Guidance On Internal Controls
Last week, the Securities and Exchange Commission and the Public Company Accounting Oversight Board provided additional guidance on internal control over financial reporting in the form of “frequently asked questions.” The PCAOB’s 10-page FAQ covers a variety of issues, from the extent and scope of testing required by auditors, to the evaluation of deficiencies. The […]
Posted inInternal Controls
SEC’s Nicolaisen: Not All Weaknesses Are Equal
In a recent speech at a financial reporting conference, SEC Chief Accountant Donald Nicolaisen stated that—based on recent conversations with investor groups and firms like Moody’s—not all SOX 404 material weaknesses are likely to be viewed as equally significant. During the speech, delivered at the 11th Annual Midwestern Financial Reporting Symposium in Chicago, Nicolaisen acknowledged […]