On Oct. 7, The Public Company Accounting Oversight Board adopted final rules relating to inspections of registered public accounting firms. Background According to Section 104 of Sarbanes-Oxley, the PCAOB must conduct a continuing program of inspections to assess how public accounting firms are complying with the Act and subsequent rule-making and professional standards. On July […]
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Posted inBoards & Shareholders
SEC Proposes Rules To Increase Proxy Access by Shareholders
On Oct. 8, The Securities and Exchange Commission approved rule proposals that would require companies to include in their proxy materials the names of nominees for director that are submitted by certain shareholders, as well as disclosure relating to those nominees. The proposals follow the recommendations made by the Division of Corporation Finance in its […]
Posted inAccounting & Auditing
Companies Content With Auditors; Uneasy With Industry
DETAILS Download The Study On Public Company Views Of Auditors Download The Original Study On Accounting Firm Consolidation As a follow-up to its August study on auditor consolidation, the GAO last week published a report that looked at large public company views on audit fees, quality and choice. The report found “high levels of satisfaction” […]
Posted inInternal Controls
PCAOB Internal Control Standards
On Oct. 7, The Public Company Accounting Oversight Board unanimously voted to propose and issue for public comment a standard on an audit of “internal control over financial reporting.” The Board also unanimously voted to propose and issue for public comment a rule which clearly defines terms used in auditing to assist firms in complying […]
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Proposed Amendment To The Organizational Sentencing Guidelines
Download the text of the proposed amendment to the federal sentencing guidelines that pertain to effective compliance programs.
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Report Of The Ad Hoc Advisory Group On The Organizational Sentencing Guidelines
Download the complete 141-page report from the Ad Hoc Advisory Group that recommended changes to the federal sentencing guidelines.
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Seven Components Of An Effective Compliance Program
Below is the actual text from the guidelines articulating the seven components of an effective compliance program: Document: 2001 Federal Sentencing Guideline Manual Chapter: §8A1.2.Application Instructions – Organizations Section: Commentary: Application Notes: 3(k) Click Here to View the Actual Document – Scroll Down to “Commentary” Section 3(k) (k) An “effective program to prevent and detect […]
Posted inFrom the Archive
Summary Report Of The Ad Hoc Advisory Group On The Organizational Sentencing Guidelines
Brief, five=page executive summary of the Ad Hoc Advisory Group’s recommended changes to the organizational sentencing guidelines.
Posted inFrom the Archive
A Fresh Look at Executive Compensation
The events of the past few weeks are a harbinger of the intense scrutiny of executive compensation that can be expected. When various members of the NYSE Board indicated their “surprise” at the magnitude of Dick Grasso’s compensation, it was a timely reminder to public companies to revisit their compensation policies and procedures. Here are […]
Posted inBoards & Shareholders
Variations In Ways Companies Prompting Shareholder-Board Communications
An Aug. 6 SEC proposal would require disclosure of shareholder procedures for communicating with directors, and new rules effective back in April require audit committees to establish procedures for the receipt and treatment of complaints regarding accounting and auditing matters. These new “communications disclosure” requirements prompted to us look at the practices and wording being […]
