37 percent of financial professionals that provide information for their firms’ public-company filings with the SEC are asked to sign an affidavit or “subcertification” vouching for the accuracy of that information. Subcertifications are sometimes known as “cascading certifications” or “managerial attestations.” The findings were part of a recent study conducted by the Association for Financial […]
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Posted inBoards & Shareholders
Q&A With Corporate Director And CFO Bob Corey
Bob Corey, an 18-year finance veteran who’s been CFO at three public companies and currently serves as Director and Audit Committee Chairman at another, has sat through his share of board meetings. This week, he chats with CW about the importance of timely board communication, and provides tips on a variety of topics, from getting […]
Posted inBoards & Shareholders
Independent Directors See Drop In Pay At Largest Firms
America’s largest public companies are changing how they compensate non-employee, independent directors, and paying a sharply higher premium for Audit Committee Chairmen. Those were the findings of an analysis by The Todd Organization of director compensation practices in 2002 and 2001 at 255 large public companies with revenues of at least $5 billion. At these […]
Posted inFrom the Archive
Compliance Harder To Achieve Than Executives Thought
According to a new survey by PricewaterhouseCoopers, executives at U.S. multinational companies are thinking less and less of Sarbanes-Oxley. One year after the passage of the Act, the percentage of executives with a favorable opinion of SOX dropped to 30 percent last month, down from 42 percent when the same group was interviewed in October […]
Posted inAccounting & Auditing
Public Accounting Firms: Mandated Study On Consolidation And Competition
147-page study found audit fees were increasing, smaller accounting firms faced significant barriers to entry, and more…
Posted inInternal Controls
Q&A With COSO ERM, Internal Control Standards Author
It seems like the assumption behind the COSO Risk Management Framework is that there is no commonly accepted definition of “risk management,” and no comprehensive framework for processes. That is the assumption, and that is based on our research; we have not found anything out there that is a generally-accepted framework. There are lots of […]
Posted inAccounting & Auditing
SEC Study On Principles-Based Accounting System
Complete text of the SEC study on the adoption by the U. S. financial reporting system of a principles-based accounting system.
Posted inAccounting & Auditing
Study On Principles-Based Accounting System
Report prepared by the staff of the Securities and Exchange Commission on the adoption by the U.S. of a “principles-based” accounting system, as opposed to its current “rules-based” system.
Posted inAccounting & Auditing
Earnings Releases and the Use of Non-GAAP Financial Measures Under New Regs.
For U.S. public companies, the legal landscape for the quarterly ritual of publicly announcing and discussing their financial results changed with the adoption by the SEC of Regulation G and the related amendments to Regulation S-K and Form 8-K which became effective on March 28, 2003. Overview Under the new rules, companies that disclose material […]
Posted inFrom the Archive
COSO Enterprise Risk Management (ERM) Framework
Draft COSO framework defines key components of “enterprise risk management,” and provides standards to help companies assess and improve their processes and procedures.