On July 30, the Sarbanes-Oxley Act of 2002 was enacted. The act included a certification requirement that was different from the initial certification proposal outlined by the SEC on June 17. Below are some of the changes to the proposal, which the SEC must issue and adopt by Aug. 29: REFERENCE Title Certification of Disclosure […]
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Posted inFrom the Archive
Certification of Disclosure in Companies’ Quarterly and Annual Reports
On June 12, the SEC proposed rules that would force CEOs to “personally vouch” for their companies’ public disclosures, and would increase the number of items to be reported in current reports (Form 8-K). Those current reports would also need to be filed within two business days, instead of the current five to 15 business […]
Posted inInternal Controls
Text Of Sarbanes-Oxley Section 404: Management Assessment Of Internal Controls
(a) RULES REQUIRED- The Commission shall prescribe rules requiring each annual report required by section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) to contain an internal control report, which shall– (1) state the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and […]
Posted inInternal Controls
Complexity, Integration Are Barriers To Compliance
Buried deep in a recent study of financial-services compliance was some interesting information about typical barriers that prevent companies from achieving “first-rate” compliance. Most of the data collected in the study, which was conducted by PricewaterhouseCoopers and the Economist Intelligence Unit, was focused on financial institutions, and was therefore not entirely relevant to most CW […]
Posted inFrom the Archive
Details of Equity Compensation Plans
The SEC has finalized rules aimed at improving the disclosure of equity compensation plans, thereby helping investors make better-informed decisions. The rules will enhance disclosure of the number of outstanding options, warrants and rights granted to participants, as well as the number of securities remaining available for future issuance under these plans. REFERENCE Title Disclosure […]
