Sarbanes-Oxley News & Developments
Two Companies RestateJohnson Controls wrestles with deconsolidating a joint venture; Ameritrade reexamines prepaid variable forward contracts.
Ex-HealthSouth Finance Exec Found GuiltyOnetime chief financial officer Weston Smith testified that 'Sonny' Crumpler identified outpatient facilities where improper accounting could be concealed.
GAO Finds Serious Flaws in IRS ControlsThe service reportedly did not provide "reasonable assurance" that losses, misstatements, and noncompliance could be prevented or found out in sufficient time.
Ex-Andersen Auditors of Enron Cited The Texas accounting board is trying to take disciplinary action against seven former Arthur Andersen accountants for their role in the collapse of Enron.
Ex-CFO Settles SEC Fraud ChargesAccording to the SEC, the former health-care finance chief made bogus manual journal entries that overstated the value of numerous assets and operating income and understated liabilities.
SEC Charges Seven in Ahold Fraud'The use of third-party confirmations is an important part of the audit process, and the commission will hold accountable those who work to subvert it,' maintains the commission.
Qwest to Settle Claims for $400 MillionThe agreement would dismiss all claims against Qwest and individual defendants except former chief executive officer Joseph Nacchio and former chief financial officer Robert Woodruff.