Open Offer to Mitt Romney & Newt Gingrich: I would pay you each $10,000 to hold a 1 hour publicized debate with me about Sarbanes-Oxley Section 404(a), (b), and (c).
Let's speak seriously about this issue.
Tags: Internal Controls, Sarbanes-Oxley Articles & Information, Announcements, 404, 404 audit, Non-accelerated filer 404(b) information, SOX Basic®, SOX Compliance Made Simple, Wall Street Reform, Sarbanes-Oxley Training, risk management, Sarbanes-Oxley, Internal Control Education
New legislation is gaining steam that would change the definition of which companies are subjected to an external audit review of their internal controls (e.g., Sarbanes-Oxley Section 404(b)). The bill, called 'H.R.3606 - Reopening American Capital Markets to Emerging Growth Companies Act of 2011,' passed the House by an overwhelming bipartisan vote of 54-1. The bill still has to go through the Senate and then get Presidential approval before it becomes law (you can follow the progress here: http://www.opencongress.org/bill/112-h3606/show).
Tags: Internal Controls, Sarbanes-Oxley Articles & Information, 404, SOX, AICPA, 404 audit, audit costs, Non-accelerated filer 404(b) information, Sarbanes-Oxley Training, Sarbanes-Oxley, external auditing, Internal Control Education
The costs and impact of SOX 404(b) -- which requires auditor review of internal controls over financial reporting -- was the subject of an SEC study published on April 22, 2011.
Hal. S. Scott published an article today entitled "Capital Market Regulation Needs an Overhaul" located via this link:
The Sarbanes–Oxley Act of 2002 (Pub.L. 107-204, 116 Stat. 745, enacted July 30, 2002), also known as the 'Public Company Accounting Reform and Investor Protection Act' (in the Senate) and 'Corporate and Auditing Accountability and Responsibility Act' (in the House) and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002. It is named after sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH).
We thought this information would be interesting to our readers.
As many of you know, since March of this year, I have been in Spain, Italy, all over China (several times), and all over the US implementing Sarbanes-Oxley requirements using our SOX Compliance Made Simple © product with great success.
One Day SOX Implementation for Expanding Gold Mining Company
This was an excellent article on why it is more important than ever to accurately document your company-specific risk exposure. The SEC Top 10 List of most frequently questioned issues over the last two years includes “Ineffective internal or disclosure controls”, an area that we believe will be receiving even greater scrutiny in light of the recent Sarbanes-Oxley 404(b) exemption for non-accelerated filers.
Tags: Sarbanes-Oxley Articles & Information, risk assessment, 404, deadline, 404 audit, Non-accelerated filer 404(b) information, compliance, risk management, Sarbanes-Oxley, audit scope, external auditing, Sarbanes-Oxley for Non-Profits