Executives from three large California technology companies—Cisco, Qualcomm and Genentech—recently put forth a proposal to expense stock options using a new method that they claim is more accurate than those proposed in FASB’s expensing draft. Though the executives—including Qualcomm Treasurer Richard Grannis, Cisco CFO Dennis Powell, and Genentech CFO Louis Lavigne, Jr.—noted that they are […]
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Posted inFrom the Archive
$20.4b Adecco Appoints Compliance, Ethics Officer
Swiss-based Adecco, the world’s largest employment agency, recently announced that it had created the position of compliance and business ethics officer. The position will be filled by the company’s acting group general counsel, Tundé Johnson. According to the company, the role will report to Adecco’s board of directors, and will assume responsibility for the “further […]
Posted inFrom the Archive
Activists Want Campaign Contributions To Be A Disclosure Item
Should soft money contributions be a corporate disclosure issue? A number of shareholder activists seem to think so. Last week, the Center for Political Accountability, a relatively new group, fired off a letter to the Securities and Exchange Commission asking it to require public companies to disclose their political contribution policies and practices. In the […]
Posted inInternal Controls
Despite IT Buzz Around 404, People Factor Remains Critical
Personnel issues are the second most frequently cited internal control weakness that companies are disclosing as they comply with Sections 302 and 404 of The Sarbanes-Oxley Act. Those issues are second only to problems with financial systems and procedures. According to Compliance Week’s most recent analysis of SEC filings during the month of August, 54 […]
Posted inAccounting & Auditing
Q&A With Interpublic Group’s Chief Risk 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. Last year Interpublic restated results back into the 1990s, and uncovered more than $180 million in hidden expenses. You were […]
Posted inFrom the Archive
Googling Google: Where Are The SEC Filings?
Google may be the best Web site for conducting Internet searches, but the investor relations section of its Web site is woefully inadequate. In fact, it’s simply not there. Also absent are certain SEC filings, like “Form 4” insider transactions, which must be posted on the company’s Web site by the end of the business […]
Posted inFrom the Archive
Execs Sound Off On SOX At Senate Hearing
Corporate executives and international securities experts testified before a Senate committee hearing last week on the impact of Sarbanes-Oxley, and developments concerning international convergence. At the session, the recurring themes of expense and “prescriptiveness” were emphasized by those in attendance. Shelby “Although I acknowledge increased compliance costs associated with implementing Sarbanes-Oxley,” stated Sen. Richard Shelby […]
Posted inAccounting & Auditing
Fees Paid to Audit Firms, Accrual Choices and Corporate Governance
Study by two professors at the University of Pennsylvania’s Wharton School of Busiess examines the relationship between the fees paid to auditors for audit and non-audit services, and the choice of accrual measures for a large sample of firms.
Posted inRegulatory Enforcement
The Thompson Memo
January 2003 memo from Deputy Attorney General Larry D. Thompson outlined a revised set of principles that guide the Justice Department’s prosecutors “as they make the decision whether to seek charges against a business organization.”
Posted inFrom the Archive
An Emerging Approach For Compliance, Ethics Programs
OCompliance risk management” is a cutting-edge approach to managing major compliance threats to an organization. The approach avoids surprises through a methodical process of identifying and assessing major compliance and ethical risks that can potentially threaten an enterprise, putting in place compliance controls to address those risks across the enterprise, and monitoring the effectiveness of […]
