The U.S. Securities and Exchange Commission is considering a move to relieve companies from having to assess the financial- reporting processes at certain previously off-balance-sheet entities, an SEC accounting official said.
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Posted inEthics & Culture
Editorial: There Is No Connection Between Education And Ethical Behavior
The week this print edition went to press, Bloomberg had run yet another story drawing a line between business schools and high-profile ethics failures. Focusing on former Enron chief executive Jeff Skilling, who—the reporter went out of her way to mention—had an MBA from Harvard, the article also touched on the higher education and honorary […]
Posted inFrom the Archive
“Effective” Compliance Programs: The Sentencing Commission Speaks – Again
On April 13, 2004, the U.S. Sentencing Commission announced its new guidelines for obtaining mitigation credit for an effective compliance program. The new Guidelines go to Congress on May 1 and become effective November 1, 2004, absent Congressional intervention. The Introductory Commentary makes clear that the Commission intends its amendments to have a sweeping impact […]
Posted inInternal Controls
Weak Internal Controls Are Really “Worst Practices”
As a forensic accountant, my first contact with clients often occurs when they suspect they’ve been victimized by fraud; usually they’re right. Initially, my job is to determine the nature and extent of the theft, to identify the perpetrators and, if possible, to help them recover the loss. Most often, fraud victims are shocked and […]
Posted inFrom the Archive
Former IRS Commissioner Joins $13.8b Goodyear Board
Peterson Akron, Ohio-based tire maker Goodyear recently announced that Shirley Peterson had been appointed a director, bringing the company’s board membership to 11. Peterson is a former partner with Steptoe & Johnson in Washington, D.C., and also served as assistant attorney general, tax division, under Pres. George H.W. Bush. Pres. Bush later appointed her commissioner […]
Posted inFrom the Archive
Delta Finance Chief Resigns; Joins $6.4b Mirant Corp.
Burns $13.3 billion Atlanta-based Delta recently announced that its CFO, M. Michelle Burns, would resign to assume the same position with bankrupt energy trader Mirant Corp. Burns had served with Delta since 1999, and was previously a partner with Arthur Andersen, where she was in charge of the Southern Region Federal Tax Practice, and was […]
Posted inFrom the Archive
Cablevision “Opts Out” Of Key Governance Rules
Some public companies are more equal than others. Just ask the folks at Cablevision Systems, the Long Island-based operator of cable systems. In a recent SEC filing, the company said the Dolan family asked the company to exercise its right as a “controlled company” and to opt out of a number of recently adopted New […]
Posted inBoards & Shareholders
He Said, They Said: Coke Director And ISS Light It Up
In case you missed Coca-Cola director Herbert Allen’s sarcastic jibe at Institutional Shareholder Services, last week he attacked the proxy recommendation service for recommending a withhold vote for Coke director Warren Buffett. EXCERPTS Excerpts From Herbert Allen’s Opinion Piece “[Buffet’s] company owns about 10% of Coke. He put up his money and took a chance, […]
Posted inInternal Controls
Internal Control Software Battle Heats Up
In a bold move, Waltham, Mass.-based OpenPages recently acquired the rights and assets of PricewaterhouseCoopers’ internal controls compliance software. The acquisition immediately brings over 350 PwC clients to OpenPages, positioning the company as a dominant leader in the emerging enterprise compliance management market. Software in this market generally helps companies manage their Sarbanes-Oxley compliance efforts, […]
Posted inBoards & Shareholders
Letter From Institutional Investors To SEC Chairman On Climate Risk
Download the actual text of the letter sent by 13 institutions to SEC Chairman William Donaldson, requesting the Commission clarify the importance of climate risk disclosure in MD&A.
