Sarbanes-Oxley | AccountingWEB

Sarbanes-Oxley

Tax

Finance and Accounting Outsourcing Lags; New Technology May Spur Growth

On shore shared-service centers have taken the lead in performing finance and accounting processes, according to a recent study published by the Hackett Group, a strategic advisory firm, with 58 percent of the companies surveyed using the shared services model, globalservicesmedia.com reports. Only seven percent of companies relied on offshore shared-services centers. Twenty-seven percent of financial processes are still performed in-house or in some decentralized manner, according to the study.

Fed Reserve Delivers Another PCAOB Head

The Federal Reserve has emerged as the breeding ground for oversight of the accounting profession as Federal Reserve Board Governor Mark W. Olson is taking over as the new chairman of the Public Company Accounting Oversight Board (PCAOB).
Technology

Proviti Partners with Oracle in Cost-Effective, Sustainable Compliance Program

Proviti Inc., last week announced the company is working with Oracle to provide companies with an integrated compliance solution that leverages its consulting experience with Oracle applications and technologies.
Education & Careers

Tight Job Market Can Mean Increased Workloads for Accountants

Demand for accountants continues to exceed supply in 2006, and while employers are offering higher salaries and more benefits in an effort to keep their employees, low staffing levels are creating high pressure and resulting in even longer hours for many accountants, Times Argus reports. Finance professionals who feel overworked rose from 42 percent in 2004, to 53 percent this year, according to a survey from CareerBuilder.
A&A

A Conversation About Equity Incentives with Jonathan Miller

Companies are not doing away with stock options. Jonathan Miller, President of Plan Management Corp. of Ardmore, Penn., recently sat down with AccountingWEB to discuss the present and future of options regulations and their impact on financial planning and reporting. Plan Management Corp. helps companies account for all forms of equity incentives, including stock options, restricted stock, stock appreciation rights (SARs) and stock purchase plans. “There was an initial impression that stock options were going to disappear, but we haven’t noticed that," Miller told AccountingWEB.com.
Technology

Companies Face Daunting Task of Managing E-mail

Many of the demands that Sarbanes-Oxley compliance has placed on accounting firms have developed into commercial opportunities for other industries.
Tax

Guilty Verdicts for Ex-Enron Execs Spark Little Sympathy

A Texas jury on Thursday declared former Enron executives Kenneth Lay and Jeffrey Skilling guilty of fraud and conspiracy.
Community News

PCAOB Proposes Rules for Registered Accounting Firm Reporting

The Public Company Accounting Oversight Board (PCAOB) voted Tuesday to propose rules for annual and special reporting of information and events by accounting firms registered with the PCAOB.Advertisement
Tax

Survey Shows Fear of SOX Keeps Accounting Functions in U.S.

Companies are looking first to automation before moving their finance functions offshore, even as manufacturing and customer-service jobs are sent overseas.Advertisement

SEC Announces Next Steps for SOX Implementation Includes Smaller Companies

The Securities and Exchange Commission (SEC) on Wednesday announced a series of actions intended to improve the implementation of the Section 404 internal control requirements of the Sarbanes-Oxley Act 2002.
Community News

New Consulting Firms Specialize in SOX Support

Opportunity has knocked for consultants in the Sarbanes-Oxley Act, and entrepreneurs are forming new firms to help companies of all sizes meet the demands of the law.
Community News

Small, Midsize CPA Firms’ Interests at Stake in Latest SOX Saga

Small and midsized CPA firms may have a lot at stake in the latest Congressional wrangling over the onerous 404 internal reporting provision in the Sarbanes-Oxley (SOX) accounting reform law.
Education & Careers

An Enron Factor at Top Business Schools

The Enron scandal factors in a current report on America’s leading undergraduate business schools as identified in a BusinessWeek survey, and that bane of the accounting profession is also part of the thinking at some of those top schools.Advertisement

Ken Starr to Lead Legal Challenge to the PCAOB

In the latest in a series of attacks on the Sarbanes-Oxley Law of 2002, Kenneth Starr, the former special prosecutor in the Whitewater and Monica Lewinsky investigations, has mounted a lawsuit challenging the authority of the Public Company Accounting Oversight Board (PCAOB) on behalf of the Free Enterprise Fund, a business conservative group.

Mark Your Calendar: SEC Roundtable and Insights

The Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) have announced the panelists for the upcoming roundtable on May 10, covering second-year experiences with the reporting and auditing requirements of the Sarbanes-Oxley Act 2002 related to companies’ internal control over financial reporting. The following day, May 11, KPMG’s 404 Institute is offering a webcast on the lessons learned and insights from the roundtable.

Legislative Panel Addresses Sarbanes-Oxley Issues and Solutions

On Thursday, the Free Enterprise Fund held the first-ever legislative panel to discuss reform of the Sarbanes-Oxley (SOX) Act of 2002.

Sarbanes-Oxley Costs Coming Down

A new study reveals that Sarbanes-Oxley (SOX) implementation costs fell by some 44 percent in 2005, even with Section 404 requirements. Bloomberg reports costs dropped to an average cost of $4.8 million for the largest publicly traded companies.
A&A

Alternative Approaches to Accounting Outsourcing

Clients are turning to their accounting firms to provide “resource services” -- full-time accounting professionals who work on special projects on a contract basis at the CFO or controller level, the Philadelphia Business Journal reports. Resource servicing differs from typical staff or consulting outsourcing because the client manages the project, and the positions are high level.
Tax

Internal Auditing Gaining in Popularity

With internal auditors taking a more prominent role in U.S. companies, the popularity of the field is surging."Our membership has more than doubled in the last 10 years," said Trish Harris, director of communications for The Institute of Internal Auditors (IIA).

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