Bermuda-based Tyco International recently promoted Judith Reinsdorf from assistant secretary to vice president and corporate secretary. Reinsdorf, who joined Tyco in 2003 after serving as assistant secretary to the board at Pharmacia (now Pfizer), will be responsible for coordinating all corporate secretarial activities throughout Tyco’s subsidiaries. She will also work with the company’s board to […]
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Posted inInternal Controls
Common SOX 302/404 Mistake: Not Assessing Controls Over Notes And Supplemental Disclosures
One of the most common mistakes we still see in practice is too narrow an interpretation of what is covered by Section 302 and 404 control effectiveness representations. Many companies appear to be under the mistaken impression that these representations relate only to the accounting processes that feed disclosures in balance sheets and income statements. […]
Posted inInternal Controls
SOX 404 Survey Confirms “Million Per Billion” Theory
As reported in Compliance Week over the past year, most estimates of costs associated with the internal control provisions of Sarbanes-Oxley have hovered around 0.001 percent of revenue, or “one million in expenses per billion of revenue.” A recent survey by Financial Executives International has confirmed that estimate, keeping the number in the general ballpark […]
Posted inInternal Controls
AMR Q&A On The Market For Internal Control Software
Last week, we reported that $25.1 billion PepsiCo had purchased internal control and assurance software from Nth Orbit. That news was followed by an announcement a few days ago that $24.6 billion Viacom will use OpenPages’ SOX Express for Sarbanes-Oxley compliance. Amidst these and other internal control software announcements, we decided to ask industry expert […]
Posted inBoards & Shareholders
D&O Premiums Jump 33 Percent; May Be Stabilizing?
PREMIUMS A new survey claims directors and officers insurance rose an average of 33 percent last year, on top of the 29 percent increase in 2002. However, the survey—conducted by the actuarial consulting unit at $1.4 billion Towers-Perrin—also noted that premium increases are beginning to moderate. If you look at the numbers by quarter, there […]
Posted inFrom the Archive
Ex-Deloitte & Touche CEO Joins ConocoPhillips Board
Copeland $105 billion petroleum company ConocoPhillips recently added Jim Copeland to its board of directors. Copeland is the retired CEO of Deloitte & Touche in the U.S. and its global parent Deloitte Touche Tohmatsu. Copeland has been credited with guiding D&T through a period of significant revenue growth, during which it transitioned from the fifth- […]
Posted inFrom the Archive
Former N.Y. Deputy Comptroller Named GASB Chair
Attmore Robert Attmore, former deputy state comptroller of New York, was recently elected chairman of the Governmental Accounting Standards Board, effective July, 2004. Attmore is president of Albany N.Y.-based Attmore & Associates, where he provides consulting services to government agencies and other entities. Attmore, who spent 23 years with the State of New York, will […]
Posted inFrom the Archive
Xerox Executive Joins Board Of American Express
Burns $25.8 billion American Express recently announced that Ursula Burns, senior corporate vice president of business group operations with Xerox, has been elected to its board of directors. Named by Fortune magazine as one of America’s “most powerful black executives” in 2002, Burns has been with $15.7 billion Xerox since 1980 in a variety of […]
Posted inRegulatory Enforcement
First Whistleblower Regains Job Under Sarbanes-Oxley
The chief financial officer of a puny bank in a rural Virginia town appears to be the first individual to get back his job under the new whistleblower rules mandated by the Sarbanes-Oxley Act. On Jan. 28, Stephen L. Purcell, Administrative Law Judge for the Department of Labor, published an order that David Welch be […]
