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PCAOB chairman Mark Olson quits. What now for Sarbanes-Oxley?
in Sox First, on June 9, 2009
...e if the court rules that the PCAOB is not constitutional, it could result in a rethink of Sarbanes-Oxley. Another explanation might be that Olson was appointed by former Securities and Exchange Comm...
More on the Satyam-PWC scandal
in Sox First, on May 27, 2009
... governments around the world tightening their corporate governance regimes with laws like Sarbanes-Oxley. But nothing will be fixed until the issue of auditor independence and integrity is addressed...
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in Wangtam, on May 19, 2009
...O Market!
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Why stricter laws won't work
in Sox First, on May 13, 2009
...e is a need for regulation, but not too much. He warns that the experience in America with Sarbanes-Oxley showed that harsh laws could backfire and produce something far worse. Over-regulation stops p...
SOX and complacency
in Sox First, on May 5, 2009
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Has Sarbanes Oxley lulled us into complacency and a false sense of security? That's the suggestion from Georgetown University law professor Ethan S Burger in this piece Today's Financi...
IPOs: don't blame Sarbox
in Sox First, on April 15, 2009
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Extraordinary that the debate about the impact of Sarbanes Oxley on IPOs still continues almost seven years after it was introduced. Particularly in this economic climate. Last week, The Wall St...
Costs of IFRS conversion
in Sox First, on March 31, 2009
...But as the piece points out, it could end up costing a lot more, echoing the experience of Sarbanes-Oxley when the costs of transition blew out more than anyone expected. Just another sign that the U...
Does Sarbanes-Oxley mean audit offshoring?
in Sox First, on February 2, 2009
...e fees that comes from the the increased reporting and compliance requirements mandated by Sarbanes-Oxley. But as the report says, it's fraught with dangers. Sure, clients would welcome a reductio...
Sarbanes-Oxley: It's crunch time for small companies
in Sox First, on January 28, 2009
...irwoman Mary Schapiro says she wants small public businesses to start complying with the Sarbanes-Oxley Act requirement that companies' internal controls be audited to ensure that their financia...
Fixing broken boards
in Sox First, on December 8, 2008
...t if companies don't fix it, the Government will fix it for them with a new version of Sarbanes-Oxley. "The Enron case resulted in the rushed passage of Sarbanes-Oxley legislation, a process ...
Sox First birthday
in Sox First, on November 21, 2008
...ersary of Sox First. Three years ago, I was invited to write about ethics, governance and Sarbanes-Oxley. Being an Australian, the irony was not lost on me. Since then, I've had an absolute ball...
Sarbanes-Oxley and foreign firms
in Sox First, on October 2, 2008
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For many years now, we have had an ongoing debate about whether Sarbanes-Oxley is forcing foreign companies to quit US equity markets. Now we have a new study Why do foreign firms leave U.S. equ...
Missing earnings targets: career consequences
in Sox First, on September 30, 2008
... higher probability of being forced out. And their position is more precarious in the post Sarbanes-Oxley environment. The paper says: "Interestingly, most of these career penalties for miss...
Big Four plan to axe staff
in Sox First, on September 11, 2008
...f the slowdown in the economy, and more companies adjusting to the rigors and processes of Sarbanes-Oxley, reports Compliance Week . Actually, when you read the piece you will see that Deloitte is t...
Small companies give SOX delays the ostrich treatment
in Sox First, on September 11, 2008
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Time and time again, the deadline for smaller companies to comply with Sarbanes-Oxley has been pushed back. Now there's a new study that might leave you asking one question: what's the poi...
Ethics code copies
in Sox First, on September 4, 2008
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Under Section 406 of the sarbanes -Oxley Act, all public companies are required to disclose whether they have adopted a code of ethics for principal executive, financial, and accounting officer...
Lawyers take to boardrooms
in Sox First, on August 28, 2008
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We have talked many times about how Sarbanes-Oxley has turned into a goldmine for accountants. The other lot that's made big gains are the lawyers. Sarbanes-Oxley means we're now seeing m...
Court upholds Sarbanes-Oxley
in Sox First, on August 25, 2008
... Court of Appeals for the District of Columbia Circuit has upheld the constitutionality of Sarbanes-Oxley, and in particular the Public Company Accounting Oversight Board. You can read the ruling her...
Why firms left the US market
in Sox First, on August 14, 2008
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It's often claimed that some firms delisted from the US market because of Sarbanes-Oxley. But a new study says that's not true. The Fisher College of Business study, Why do foreign fir...
Chinese IPOs - From Riches Back to Rags in New York
in China Venture News, on August 1, 2008
... so quickly? A number of factors seem to be involved - from the bears on the market to the Sarbanes-Oxley corporate governance law. You can read the details at PE Hub .
© AlixanaEuphoria
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Carl Icahn and SOX
in Sox First, on July 31, 2008
... be biting off more than he can chew because he will be confronted with the constraints of Sarbanes-Oxley.
"He will exercise his fiduciary duty to represent all of the shareholders and use his ...
Are audit fees slowing
in Sox First, on July 30, 2008
... cent reduction. Compliance Week editor in chief Matt Kelly says the growing pains of Sarbanes-Oxley are well and truly over but these numbers are still miniscule. It might be the first decrease ...
Does Sarbanes-Oxley make fraud worse?
in Sox First, on July 23, 2008
...xaminers report . First of all, the report finds that despite the purported intentions of Sarbanes-Oxley to increase focus on fraud controls, the evidence suggests that frauds are much more likely to...
PCAOB to get smashed?
in Sox First, on July 16, 2008
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The Public Company Accounting Oversight Board, the centerpiece of the sarbanes-oxley legislation , is under serious legal threat, reports Bloomberg's Jane Bryant Quinn . The legal chal...
Trouble handling risk
in Sox First, on July 3, 2008
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When Sarbanes-Oxley was introduced nearly six years ago, it was supposed to improve the way audit committees and companies handled risk. Think again. Most companies are struggling to deal with ri...
Sarbanes-Oxley boosts shredding business
in Sox First, on July 2, 2008
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Plenty has been written about Sarbanes-Oxley being a licence to print money for accountants. But it's also done wonderful things for the shredding business, according to this news repo...
Clueless about XBRL
in Sox First, on July 2, 2008
...er the implementation of XBRL will be another compliance headache for companies, kind of a Sarbanes-Oxley revisisted. Compliance Week editor Matt Kelly says XBRL has two problems. "First, compa...
No SOX relief in sight
in Sox First, on June 24, 2008
...ler companies another year stay of grace before complying with the audit requirements of Sarbanes-Oxley. But don't take that as a sign that the lawmakers will start rolling SOX back. The smart ...
CEOs hate SOX
in Sox First, on June 23, 2008
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It's hardly news but almost six years on, and corporate America still hates Sarbanes-Oxley. According to the National Survey of CEOs on Business Ethics, by Georgia State's Center for Ethi...
CFOs' road to the top
in Sox First, on June 2, 2008
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Everyone knows that Sarbanes-Oxley has been a gold-mine for accountants. Now we have new evidence that it's also done a lot of good for chief financial officers. According to a study, finance...
SOX and CFO exits
in Sox First, on May 29, 2008
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Tough being a chief financial officer these days, post-Sarbanes-Oxley. It seems that CFOs of firms that have had to restate their numbers are more likely to be shown the door and a university o...
Tomorrow's hot job: compliance officers
in Sox First, on May 28, 2008
... to contend with Bank Secrecy Act and anti-money laundering provisions. Then there are the Sarbanes-Oxley rules, and Red Flag guidelines issued by the Federal Trade Commission and the federal fina...
Auditors, independence and distance
in Sox First, on May 21, 2008
...that the market share of public clients by non-Big 4 auditors has grown dramatically since Sarbanes-Oxley. What's the reason? The authors have an interesting explanation, pointing to the old Chin...
Accounting degrees rise 19 per cent
in Sox First, on May 6, 2008
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I have always talked about Sarbanes-Oxley being a gold-mine for accountants. So big a gold-mine that accountants seem to be recession-proof . That might explain the latest data showing that acco...
Directors' pay heads north
in Sox First, on May 5, 2008
...rs a year, compared to 150 hours previously. Much of this is also because of the impact of Sarbanes-Oxley. Just ask anyone who now serves on an audit committee. There are also claims that there is a ...
Average 2007 SOX compliance bill: $1.7 Million
in Sox First, on May 2, 2008
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Average compliance with Sarbanes-Oxley has now hit $1.7 million for big companies with average annual revenues of $4.7 billion. And while compliance costs are actually slipping, that hasn't st...
The business of corruption
in Sox First, on April 29, 2008
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Call it the Sarbanes-Oxley effect. With Westinghouse Air Brake Technologies Corporation, Flowserve Corporation and AB Volvo coming to grief over the Foreign Corrupt Practices Act - that's thr...
More than full disclosure
in Sox First, on April 26, 2008
...ed full disclosure is enough will be debated. Writing in Compliance Week , Thompson says Sarbanes-Oxley does not go far enough and companies need to do more. "In the wake of Sarbanes-Oxley, man...
PCAOB and the new independence rule
in Sox First, on April 20, 2008
...points, any finding against the PCAOB's constitutionality would strike at the heart of Sarbanes-Oxley....
SOX and backdating
in Sox First, on April 11, 2008
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Much has been said about Sarbanes-Oxley stopping backdating. But is that true? Has it actually improved corporate governance? Under Sarbanes-Oxley, all high-level executive stock option grants an...
SOX-related boardroom changes and share price
in Sox First, on April 1, 2008
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After the US Congress passed the Sarbanes-Oxley Act in 2002, US companies were forced to overhaul their systems of corporate governance. A Raft of changes were introduced. Auditors were requir...
Biovail's fraud and SOX
in Sox First, on March 27, 2008
... bad fraud charges makes fascinating reading. And it's a lesson for anyone who thought Sarbanes-Oxley was going to stop fraud. It also tells us that the SEC is one big lumbering and slow-moving en...
What's caused the explosion in restatements?
in Sox First, on March 21, 2008
...he original standard." The study is significant in light of claims by the critics of Sarbanes-Oxley that SOX-driven accounting complexity is driving the restatements. Instead, the study points t...
SOX and the Bear deal
in Sox First, on March 19, 2008
...uality has found that most audit committee members believe audit quality is superior post-Sarbanes Oxley. According to the survey, 53 percent of the audit committee members said overall audit quality...
Subprime's parallels with Enron and WorldCom: Michael Oxley and Paul Sarbanes
in Sox First, on March 15, 2008
.... In an interview with the Indian media , they say what's needed is more regulation. Sarbanes-Oxley-style. "One of the tenets of our Act was transparency. Clearly, one of the problems with...
No reduction in Section 404 controls
in Sox First, on March 5, 2008
...educe over time. No matter how long companies have to get used to it. Now five years into Sarbanes-Oxley and it looks like those concerns are justified. A new survey of 300 companies published in Co...
SEC-PCAOB arm wrestle
in Sox First, on February 27, 2008
...rs. Clearly, the powers that be were on a mission to undermine the spirit and intention of Sarbanes-Oxley. More to the point, it raises serious questions whether the SEC and PCAOB can work together t...
Interview with Brett Curran from Axentis
in Sox First, on February 22, 2008
...truggling with compliance and what they needed to do. Here is the interview. SOX FIRST: Sarbanes-Oxley has increased the compliance workload. Now with the losses coming in from subprime, regulators...
Are accountants recession-proof?
in Sox First, on February 19, 2008
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I have always talked about how Sarbanes-Oxley has turned out to be a licence to print money for accountants. The last time I did that was here . The question is whether that would continue if or w...
Société Générale fallout: who's next?
in Sox First, on February 18, 2008
...systems to eliminate controls that would have blocked his massive bets, reports the Sarbanes-Oxley Compliance Journal . And other organizations are just as vulnerable. "The bottom line is that t...
SOX whistleblower protections extend outside the US
in Sox First, on February 17, 2008
...of global consulting firm Accenture, who was stationed in Paris, can sue for damages under Sarbanes-Oxley. The plaintiff, rosemary Mahony, was working for Accenture in France. She claimed the f...
Criminalizing capitalism: Sarbanes-Oxley and the latest crisis
in Sox First, on February 15, 2008
...ought provoking piece Criminalizing Capitalism from Nicole Gelinas on the limitations of Sarbanes-Oxley. Gelinas makes the point that Sarbanes-Oxley not only failed to stop the subprime meltdown wi...
Who exposes corporate fraud?
in Sox First, on February 11, 2008
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In their haste to pass Sarbanes-Oxley into law following the spate of scandals headed up by Enron, politicians and regulators neglected to look carefully at the issue of whistleblowers. Who actuall...
Boards clueless on IT
in Sox First, on February 6, 2008
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Despite Sarbanes-Oxley and the UK Combined Code, most corporate boards remain clueless about setting up the proper governance of their information technology systems. A survey, reported here , ha...
SEC buys time for small companies
in Sox First, on February 4, 2008
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Another sign that the Securities and Exchange Commission is pulling back from Sarbanes-Oxley. On Friday, the SEC announced that it's giving yet another delay to the implementation of Sarbanes...
Giving on non-profit boards
in Sox First, on January 24, 2008
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In the past, I have done entries here and here looking at why Sarbanes-Oxley wouldn't work for non-profits and examining their governance challenges. But there are signs that non-profits a...
The Section 404 Effect
in Sox First, on January 17, 2008
...e Commission chairman Christopher Cox last month announcing a one-year delay in imposing Sarbanes-Oxley Section 404 requirements for small public companies - something that would buy the SEC time ...
The Age Of Turbulence
in Sox First, on January 11, 2008
When Alan Greenspan was at the height of his influence as Fed chairman, the financial news network CNBC would film him arriving for Federal Open Market Committee meetings and focus on the size of his briefcase. According to the Briefcase Indicator, if the briefcase was thin it meant that Greenspa...
Buffett bonding
in Sox First, on January 2, 2008
Interesting questions raised from The Wall Street Journal's scoop last week that Warren Buffett plans to make a buck out of the turmoil in the financial markets by establishing a bond insurance firm with the goal of giving local governments a cheaper borrowing option. The business will guar...
Easing up on corporate crime
in Sox First, on December 16, 2007
...ate crime . It says there are several reasons why the pendulum has swung back since Sarbanes-Oxley was introduced post-Enron. First, there's been the rise in the Dow Jones which has dulled ...
Charities and governance
in Sox First, on December 5, 2007
...ne reading, not-for-profit have really lifted their governance since the implementation of Sarbanes-Oxley. According to Grant Thornton's fifth annual National Board Governance Survey for Not-for...
Learning the Sarbox ropes
in Sox First, on November 30, 2007
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Earlier this month, I did a blog entry explaining why Sarbanes-Oxley was unlikely to get overhauled in the near future. Simply put, businesses and auditors are getting used to it and getting rid ...
Ethics danger signals
in Sox First, on November 29, 2007
... than 40 per cent can say their programs cover all bases. All this comes five years after Sarbanes-Oxley. Clearly, something is not working.
...
Enron, stakeholders and the consequences for corporate governance
in Sox First, on November 27, 2007
...pathology , that one suspects the fallout will be around for some time. It resulted in Sarbanes-Oxley but there is a question of whether the case has broader implications for criminal law and corp...
SOX squeezes supply chains
in Sox First, on November 26, 2007
...ccountability are growing. So what impact has it had on supply chains. But what impact has Sarbanes-Oxley had on supply chains? Given that the law is broad-sweeping, it's had an impact on every ot...
GAO slates SEC, again
in Sox First, on November 21, 2007
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Five years on, and cost is still the big issue surrounding Sarbanes-Oxley. Non-compliance with Section 404 spells disaster for companies with massive falls in the value of the stock. But the corpo...
The Wizard of Oz and corporate governance
in Sox First, on November 19, 2007
...llent point in his blog that it would run into exactly the same problems that confronted Sarbanes-Oxley. Well-intentioned but it's a one-size-fits-all approach that won't work.
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Beyond the SOX shock?
in Sox First, on November 16, 2007
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Interesting data coming out suggests that Sarbanes-Oxley is unlikely to be overhauled. That's despite the jury still out on its effectiveness. But a study released last week by Protiviti h...
Disclosure by law = less disclosure: the SOX effect
in Sox First, on November 6, 2007
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When Sarbanes-Oxley was introduced in 2002, it was supposed to enhance investor protection by improving the quality of information and increasing the transparency of corporations. Now a new study h...
Ethics watch
in Sox First, on November 1, 2007
...stablishing codes of ethics and whistleblower policies. No doubt that has a lot to do with Sarbanes-Oxley. Still, the findings suggest that management and boards don't put too much priority on et...
