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. So where do you actually work—in one of the hotels or casinos? Yep, I’m physically located at the Trump Taj […]
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Posted inFrom the Archive
SEC Enforcement Chief Outlines Strategy
In a speech last week before the UCLA School of Law, SEC Division of Enforcement Director Stephen Cutler outlined the Commission’s enforcement program as it pertains to the themes of Sarbanes-Oxley. According to Cutler, three themes unified his division’s activities, and aligned it with Sarbanes-Oxley. Those themes included: Gatekeepers Cutler mentioned “the fundamental significance of […]
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SEC May Be Considering Easing SOX Burden For Smaller Companies
According to testimony provided by Alan Beller, the director of the SEC’s Division of Corporation Finance, the Commission may be considering ways to ease the accounting and disclosure burdens of small public companies. Beller Testifying before the U.S. House Financial Services Subcommittee on Oversight and Investigations, Beller acknowledged that Sarbanes-Oxley-related compliance costs are indeed a […]
Posted inAccounting & Auditing
SEC Proposes Rule On Voluntary XBRL Reporting
The Securities and Exchange Commission proposed a rule yesterday that would enable public companies to voluntarily file “tagged” financial statements using XBRL for the 2004 year-end reporting season. According to the SEC, the rule was proposed to examine the benefits of tagged data and its potential for improving the timeliness, accuracy and analysis of financial […]
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Instilling A Corporate Culture Of Integrity, Ethics And Compliance—Setting The Tone At The Top
The corporate scandals of 2001-2003 are presumably behind us, but their aftermath lives on. Shareholders’ perception of American business is at an all-time low, as businesses scurry to decipher and satisfy a myriad of complex new regulatory requirements, many engendered by Sarbanes-Oxley. In that context, one hears a lot these days about the ‘tone at […]
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American Electric Power Issues Landmark Report On Impact Of Emissions Policies
The environment took another big leap toward becoming a mainstream governance issue this month when American Electric Power published a 118-page report, “An Assessment of AEP’s Actions to Mitigate the Economic Impacts of Emissions Policies.” The report evaluates the impact of proposed federal legislation and regulations for reducing regulated emissions and carbon dioxide, including the […]
Posted inBoards & Shareholders
Companies Slow To Deliver Compliance Docs Electronically
Every year, $10 billion is spent printing and distributing compliance documents—like annual reports and proxies—which most investors simply dump in the trash. Yet nearly a decade ago, the Securities and Exchange Commission gave the “thumbs up” for the electronic delivery of those compliance documents, provided investor consent was received. However, surprisingly few companies have adopted […]
Posted inAccounting & Auditing
E&Y Facing More Trouble Over PeopleSoft Audits
Last week, the California Board of Accountancy sanctioned Ernst & Young over questions about the firm’s independence in its dealings with former client PeopleSoft. According to the California board settlement (see box at right), E&Y will pay $100,000 and face three years of probation. Also, the firm will be required to hire an independent consultant […]
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Option Play: Can Molson-Like Ploy Work In The U.S.?
The folks at Molson sure stirred up investors—and at the same time evoked memories of old Chicago-style politics—when they recently decided that holders of its company options could vote along with shareholders on its proposed merger with Adolph Coors Co. Deal dissenters, including many outside investors, cried foul, arguing it stacked the deck in favor […]
Posted inAccounting & Auditing
IFAC Recommends Actions For International Accounting Standards
Last week, the International Federation of Accountants released a study identifying the obstacles to adopting international financial reporting standards, achieving global convergence to international accounting and auditing standards. Wong The report, titled “Challenges and Successes in Implementing International Standards: Achieving Convergence to IFRSs and ISAs,” details the major challenges to international convergence, makes a case […]
