General Cable Corporate was fined more than $75M for "...not having effective programs & internal controls necessary to proactively address corruption risks and accounting errors." Terrible considering it would have cost them <$50K to become compliant using the Vibato program and they would have also been able to experience the benefits of compliance such as more efficient procedures, shorter close duration, balanced workloads, etc...The CEO & CFO also had to return a total of $5.8M in combined compensation - that they were entitled to - but that they forfeited simply because they failed to follow the rules and comply with the Sarbanes Oxley laws. Expensive lesson...
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SOX,
Sarbanes-Oxley,
SEC,
SEC fines
The SEC recently proposed new rules regarding property disclosures for mining registrants. Take a look at the details of the rules below:
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SEC approval,
rules,
COSO,
SEC,
accounting,
purposed rulings,
mining,
mining registrants
SEC Approves PCAOB, Form AP, on Disclosing Engagement Partner Name
PCAOB rules for disclosing the name of the engagement partner and information about other firms participating in audits have been approved by the SEC. Starting January 31, 2017, auditors will be required to fill out Form AP with the PCAOB disclosing all engagement partners working on public audits and information about other audit firms participating in the audit. This information will be searchable by engagement partner name, audit firm, or public company on a public database.
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PCAOB News & Information,
external audit,
Public Company Accounting Oversight Board,
SEC approval,
Reputation,
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Form AP,
Vibato,
PCAOB,
SEC
Here's a quick tip on how your 10-K language may need to change to represent your compliance with the new COSO 2013 standards / Sarbanes-Oxley. Remember, this is due by 12/15/2014, it is not optional, and if you directly reference the 1992 guidance like most companies do, you will need to make this edit.
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Sarbanes-Oxley Articles & Information,
Accounting Tip of the Day,
Securities and Exchange Commission,
Sarbanes-Oxley Training,
Sarbanes-Oxley,
COSO,
COSO 2013,
SEC
