Sarbanes-Oxley

PCAOB Standards, Related Rules Reference Guide Offered by AICPA

The PCAOB Professional Standards and Related Rules (including SEC-Approved Releases and PCAOB Staff Q&A Guidance) has been developed by the AICPA to supply auditors with a workable, current, and comprehensive source of PCAOB standards for their engagements. This compilation delivers – Professional standards and staff guidance – including standards on auditing, attest, quality control, ethics, and independence. PCAOB Auditing Standard Nos. 1, 2, and 3, and all of the conforming amendments related to PCAOB Auditing Standard No.

SEC Signals 'Change of Tone' on Foreign SOX Compliance

With the New York Stock Exchange's reputation as the market of choice for overseas companies at stake, the Securities and Exchange Commission signaled “a change in tone” yesterday toward foreign companies looking to avoid strict U.S. governance rules, Financial Times reported.The Sarbanes-Oxley Act of 2002 laid down stringent new rules designed to protect U.S. investors in the wake of a spate of corporate scandals. Foreign companies are currently required to follow Sarbanes-Oxley if they are publicly listed in the U.S.

Another Hurdle on the Road to Compliance: Assessing Company-Level Controls

By J. Stephen McNally, CPA - For many companies, the deadline to comply with Sarbanes-Oxley Section 404 is literally weeks away. There is, however, another hurdle on the road to compliance, one often overlooked or consciously not addressed until the final phase of a company's overall Section 404 compliance efforts. This hurdle is the assessment of an entity's company-level controls.

Disclosures of Control Weaknesses Way Up from 2003

Fifty-six companies reported material weaknesses or significant deficiencies in internal controls last month, compared with 14 companies one year earlier, according to Compliance Week.A total of 582 companies made these kinds of disclosures in 2004, the newsletter reported, with about half of them related to financial systems and procedures, such as problems with the financial close process, account reconciliation or inventory processes. Personnel issues accounted for about 30 percent of the disclosures.

European Companies Grappling with SOX Compliance

Some European companies are wondering if the benefits of being listed on U.S. exchanges is worth the cost of Sarbanes-Oxley compliance, IT-Analysis.com reported.With public and private companies alike struggling to comply with the rigid new requirements intended to improve transparency and accountability, international companies are weighing the pros and cons. Companies with 300 or more U.S.
A&A

COSO to Help Small Businesses with Internal Controls

Small businesses are about to get help complying with the stringent new internal control requirements of the Sarbanes-Oxley Act.The Committee of Sponsoring Organizations (COSO) announced Monday that it will develop guidance that will help small firms follow the new rules without breaking their budgets, according to Dow Jones Newswires.The new guidance, which will be produced by PricewaterhouseCoopers LLC, will be available online by June 30.
Community News

Financial Executives Research Foundation Issues Three New Reports

Financial Executives Research Foundation (FERF), the research affiliate of Financial Executives International (FEI), has issued three new research reports as part of its mission to provide ongoing education to FEI's members. FEI is the leading professional association for CFOs and other senior financial executives. The reports include:Corporate Governance Survey -- FERF and The Board Institute (TBI) conducted a survey to help shed light on the quality and standards of corporate governance in the U.S. today at public and private companies.

Grasso's Pay Called "Inappropriate," Formal Investigation to Begin

As the New York Stock Exchange grapples with a report that says it overpaid its past chairman and CEO by as much as $150 million, the Big Board is also looking to its future, trying to convince former J.P.

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