From the Center for Audit Quality (CAQ):
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.
Now that the wait for the 404(b) reprieve is over, it appears that a new trend is emerging to investigate 404(a) statements more closely, as expressed in recent articles on investor and auditor sentiment regarding the legislative change. We are hearing from auditors directly that they will be applying more scrutiny to 404(a) statements made by their clients in their financial reports, to ensure that there is a real basis for self-certification. The newly aggressive SEC and DOJ are expanding personnel and focusing on Corporate Governance and the role of Audit Committees, Directors and Company Officers in Compliance and Financial reporting.
Tags: Sarbanes-Oxley Articles & Information, risk assessment, Announcements, 404, 404 audit, Non-accelerated filer 404(b) information, Wall Street Reform, risk management, Sarbanes-Oxley for Non-Profits
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:
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
I read an interesting Press Release this morning, titled "House Approves Wall Street Reform Package." To read the press release, follow the link below: