Yesterday the PCAOB released a news release about the Wall Street Reform Act's passage yesterday morning.
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Tags: Sarbanes-Oxley Articles & Information, audit costs, Non-accelerated filer 404(b) information, Sarbanes-Oxley
The article below was sent from a dear friend of mine and fellow SOX enthusiast, Clark Keeler, Director, BPM. I find the article to have a significant amount of irony considering it claims that "American business people of a conservative nature have been dreaming about driving a stake through the heart of the Sarbanes-Oxley act ever since the legislation was passed..." It would seem to me that if a person was truly fiscally conservative, they would consider Sarbanes-Oxley to be the prudent choice rather than the radical one. Internal controls require there to be a check point in a business procedure that requires someone other than the preparer of the documentation to verify the accuracy of what was prepared. This verification prevents someone from acting alone when making decisions about shareholder assets (physical assets, capital, intangible assets, etc). I am of the opinion that this double check adds a necessary layer of review considering the potential for fraud, errors, omissions, etc. Considering all that we at Vibato, LLC have found when testing internal controls, this is no longer just opinion but rather, fact. Read more on the article here:
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Tags: Sarbanes-Oxley Articles & Information, Compliance tools, Announcements, 404, 404 audit, audit costs, Non-accelerated filer 404(b) information, SOX Compliance Made Simple, Wall Street Reform, Sarbanes-Oxley Training, Sarbanes-Oxley, external auditing, Sarbanes-Oxley for Non-Profits
In the wake of a potential Sarbanes-Oxley 404(b) exemption via the Wall Street Reform Act, the PCAOB seems to be doing what it can to require a deeper audit than previously accepted. This is inline with what we at Vibato have also been seeing on the external audit side. Most external auditors we encounter are claiming if the 404(b) reprieve goes through, or, if non-accelerated filers (those companies with a $75M or less market cap) are not required to comply with 404(b) (the section of Sarbanes-Oxley that requires external auditors to review management's internal controls), then they are planning to audit any 404(a) claim as though it were a 404(b) claim. 404(a) is where all public companies are required to attest to the effectiveness of their internal control infrastructure via their 10K, 10Q, and 302 / 906 certifications. Here is the article from CFO.com about the PCAOB activities:
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Tags: audit costs, Non-accelerated filer 404(b) information, Sarbanes-Oxley
I read an interesting Press Release this morning, titled "House Approves Wall Street Reform Package." To read the press release, follow the link below:
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Tags: Compliance tools, Announcements, audit costs, Wall Street Reform, compliance
I read this press release this morning and feel that our readers will find it interesting. It details the Center for Audit Quality's reaction to the Supreme Court's PCAOB Decision:
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Tags: Sarbanes-Oxley Articles & Information, Announcements, 404, 404 audit, audit costs, Non-accelerated filer 404(b) information, SOX Basic®, audit scope, external auditing, insurance audit, Sarbanes-Oxley for Non-Profits
