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Sarbanes-Oxley News & Developments

2005-01-31

Former E&Y Partner Gets Jail Time

The case was reportedly one of the first cases of document destruction brought under the Sarbanes-Oxley Act.

2005-01-28

Go Directly to Cash

SEC chief accountant Donald Nicolaisen thinks the most important has yet to be proposed: requiring companies to use the direct method to report their cash flow.

2005-01-28

Multinationals Take Anti-Bribery Pledge

Some large multinational companies are adopting a policy of

2005-01-28

Former Charter CFO Pleads Guilty

The ex-finance chief is the fifth former executive of the broadcasting company to admit playing a role in a fraud scheme to overstate revenue and cash flow.

2005-01-28

PwC Chief Cites Sarbox 404 Delays

CEO says that many companies will have failed to comply with the internal-controls provision or dug up a material weakness large enough to cause a misstatement.

2005-01-26

Guccione Settles with SEC

A $1 million dollar accounting problem caused big trouble for the former chief of Penthouse.

2005-01-26

TXU Agrees to Major Governance Changes

In addition to fat fines, companies are settling securities lawsuits for mandated changes to corporate governance structures.

2005-01-26

SEC Eyes 404 Break for Foreign Issuers

William Donaldson said he would be asking his staff to give foreign companies more time to comply with Sarbanes-Oxley internal controls requirements.

2005-01-25

Wary Auditors, Clients Worry

Fearful of being second-guessed, auditors, executives, and audit-committee members are asking for more rules, the chairman of the accounting standards board says.

2005-01-25

Counterfeits and Cover-Ups

Is it real?

2005-01-24

Certification Fears and Filing Delays

Did a provision of Sarbanes-Oxley encourage a small but fast-growing company to delay the filing of its year-end and quarter-end results?

2005-01-21

Record Number of Restatements in 2004

The impact of Sarbanes-Oxley Section 404 was one of the most significant factors to affect financial reporting last year, according to a new report.

2005-01-19

Sarbox and IT: The Long Haul

Many CFOs are still looking for long-term solutions to ensure that their control structure remains effective as their organizations grow and change over time.

2005-01-18

The Ominous Increase of Retaliation & Whistleblower Claims

The number of retaliation charges more than doubled in 2003.

2005-01-18

Tiptoe Through the New Regs

Tax initiatives are taking a back seat to compliance, documentation, and disclosure.

2005-01-17

Terex Will Restate after 404 Assessment

Compliance with Section 404 of Sarbanes-Oxley may lead to many more restatements.

2005-01-17

Nearly 600 Reports of Control Weaknesses

Last month alone, 56 companies disclosed material weaknesses or significant deficiencies in internal controls, compared with just 14 companies a year earlier.

2005-01-17

Across the Board

Spurred by regulatory change, directors and CFOs forge a new relationship.

2005-01-14

Sarbox and the Fight-or-Flight Response

With the advent of Sarbanes-Oxley certification requirements, joining a troubled company became a dangerous decision.

2005-01-13

Insurance Risks and Benefits

D&O Insurance Moral Peril

2005-01-12

Nortel: Finance Made Us Do It

The 'tone at the top' conveyed the message that earnings targets could be met through application of accounting practices that were not in compliance with GAAP.

2005-01-12

Six Indictments in AOL-PurchasePro Deals

The individuals were accused of engaging in a scheme to artificially inflate revenue reported to the SEC through secret side deals, back-dated contracts, and revenue swaps.

2005-01-11

Former Enron Directors Will Pay $13M

Days earlier, former directors of WorldCom agreed to pay $18 million out of pocket.

2005-01-11

Federal Agencies, Control Yourselves

Many of the new rules resemble those for publicly traded companies under Section 404 of the Sarbanes-Oxley Act.

2005-01-10

Andersen Appeal Reaches Supreme Court

If the former accounting giant wins its appeal, it will be a victory in name only, but regulators seemed to have learned a hard lesson from the Andersen collapse.

2005-01-10

CFO at Disney has Take-Home of $6.4 Million

The company also officially separates the positions of chairman and chief executive officer.

2005-01-07

Former Cendant Exec Found Guilty

By the looks of the corporate 'police blotter,' it is a busy time on the legal front for many executives.

2005-01-07

Former WorldCom Directors Pony Up $18 Million

The settlement 'sends a message to directors that their own personal wealth is at risk if they are not diligent in their jobs.'

2005-01-05

Deferring Prosecution of Corporate Crime

A form of 'corporate probation' may be a good tool for 'prosecuting large corporations with lots of employees and lots of stakeholders.'

2005-01-04

New Highs Expected for Q4 Earnings

Even though earnings growth slowed down relative to the first three quarters, 2004 will probably wind up the best year for operating earnings since 1988.

2005-01-03

The Impact of Compliance on Finance Operations

Executives plan substantial changes in how finance departments control, manage, and automate key processes.

2005-01-03

Look Both Ways: In with a Roar?

Tame CPI levels have kept companies wary of a squeeze in margins, but consumer confidence is high. Will consumer spending follow?


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The View from the Other Side
Can IT live up to the expectations for governance, compliance, and revenue generation of a CFO?

Capital Markets Report Urges 404 Fixes
A panel says changes in the way Sarbanes-Oxley has been applied will improve the competitiveness of the U.S. capital markets.

Wal-Mart Whistleblower Drops Lawsuit
Former executive still has a whistleblower case pending before the Labor Department.

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