Audit fees are up, but if you consider the increase in revenues plus inflation, the fees appear not to have gone up dramatically, according to a recent study published in June 2004 by Glass Lewis, an analytical research firm. In its report, Glass Lewis concluded that “the amounts paid to auditors for the audits of […]
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Posted inAccounting & Auditing
EU Finance Execs Scramble To Meet IFRS Deadline
While U.S. financial executives are buried in Sarbanes-Oxley compliance, their counterparts in Europe are racing against a deadline to overhaul entire accounting methods—a shift Ernst & Young called “the biggest change in financial reporting in a generation and on a global basis.” The European Union has set Jan. 1, 2005, as the date by which […]
Posted inInternal Controls
Nov. 2004 Internal Control Disclosures: Remediation
Below is a sample list of companies making internal control remediation disclosures during the month of November 2004. Please be aware that the excerpts below are just that: excerpts. The complete SEC filings are available for those who would like to review the complete disclosures in greater detail. For related information on the list below, […]
Posted inInternal Controls
Neither Significant Nor Material: Deficiencies Described
During the month of November, several companies disclosed “deficiencies” in controls—sometimes related to one specific control—that were neither significant deficiencies nor material weaknesses. Below are examples of those disclosures. Please be aware that the excerpts below are just that: excerpts. The complete SEC filings are available for those who would like to review the complete […]
Posted inInternal Controls
Internal Control Disclosures Jump In November
THE FILINGS The Disclosures Please note that due to the volume of disclosures in November, we were forced to break them into two files, below: Part I: November 1 To November 14 Part II: November 15 To November 30 According to a review of regulatory filings, the number of companies disclosing material weaknesses or significant […]
Posted inInternal Controls
Nov. 2004 Internal Control Disclosures: The List, Part I
Below is “Part I” of the list of companies disclosing material weaknesses or deficiencies in internal controls in November. The list below is from Nov. 1 through Nov. 14. For “Part II, including the disclosures from Nov. 15 through Nov. 30, please refer to the box at right. Also, please be aware that the excerpts […]
Posted inInternal Controls
Nov. 2004 Internal Control Disclosures: The List, Part II
Below is “Part II” of the list of companies disclosing material weaknesses or deficiencies in internal controls in November. The list below is from Nov. 15 through Nov. 30. For “Part I, including the disclosures from Nov. 1 through Nov. 14, please refer to the box at right. Also, please be aware that the excerpts […]
Posted inFrom the Archive
Pressure Grows To Disclose ERM Information In MD&A
In this era of SOX and heightened scrutiny on public companies, there is growing pressure from shareholders, credit rating agencies, and other stakeholders for companies to develop enterprise risk management programs, and use the resulting data to improve overall compliance and disclosure efforts. Q&A A Conversation With SEC Commissioner Glassman ERM Resources Download COSO ERM […]
Posted inInternal Controls
Q&A With Microsoft’s Dir. Technical Accounting, Reporting
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 ‘director of technical accounting and reporting’ at Microsoft. Walk us through what that means. I’m responsible for answering […]
Posted inBoards & Shareholders
Director Survey: Price Of Regulatory Compliance Is Up
Same story, different year: corporate executives and board directors are working harder than ever to meet the new burdens of compliance with federal securities law. A survey of Fortune 1000 companies released last week confirms that the workload for board directors increased yet again in 2004, as corporate America digests the governance reforms it has […]
