This has been a fantastic year for Vibato thus far, and we wanted to update our readers on some of the exciting things that are happening.
Brought to my attention from a friend: Will Robinson (firstname.lastname@example.org). This would be a good training for those interested in compliance/security issues.
This is a great article from CFO.com about Kenneth Johnson, the new SEC Finance Chief, and what he plans to do.
I held discussions today with Senator Benjamin L. Cardin's office to try to gain some clarity on the Wall Street Reform Act, Section 404(b) permanent reprieve. I learned some very interesting news. The Section 404(b) reprieve amendment FAILED in the House on December 11, 2009 at 11:14 AM by a vote of 153 - 271. That is what this link depicts: http://www.opencongress.org/bill/111-h4173/amendments?page=2
From MSNBC.com. This article relates to when/if non-accelerated filers may be required to comply with Sarbanes-Oxley, section 404(b), or the external audit attestation portion of Sarbanes-Oxley Compliance since the Wall Street Reform Act contains an amendment that, if passed, would grant a permanent reprieve to non-accelerated filers (those public companies with a market cap of less than $75MM). Great article:
"Impact of Wall Street reform up in the air
Overhaul of financial rules may have unintended consequences
The below excerpt is from Webcpa.com. This is a great article outlining reasoning as to why small companies should not be exempt from SOX 404 Audits.
We do not know yet if the amendment for a permanent 404(b) Sarbanes-Oxley reprieve was included or excluded. We will probably know tomorrow.
From MSNBC.com; this bill could have an impact on the requirement for non-accelerated filers to be compliant with the Sarbanes-Oxley section 404(b) by June 15, 2010:
NOTE: This blog, originally published in May, 2010, was updated on August 29, 2011, to reflect the replacement of SAS 70 reports with Service Organization Reports (SOCs) prepared under SSAE no. 16 and AT 101.
Sarah Johnson wrote a great article for CFO Magazine about Auditor-Client Relationships. It is interesting to note that while many relationships have changed numerous times, there are those that have lasted for 50+ years. Having long lasting relationships may help, as both the company and auditor are able to understand exactly how the company works. However, if these relationships last too long, there is the possibility for regulations to be relaxed or issues to be overlooked.