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Sarbanes-Oxley News & Developments

2005-04-28

Deloitte Statement Irks SEC

Commission officials reportedly force the auditor to rescind a statement.

2005-04-26

Arthur Andersen Settles WorldCom Suit

The final chapter in the class-action civil suit at Worldcom comes to an end, with Andersen denying any wrongdoing.

2005-04-26

Adelphia, Rigas Family Settle Fraud Case

The Rigas family will forfeit $1.5 billion; the company will pay $715 million to create a fund to compensate victims of 'one of the most extensive financial fraud ever to take place at a public company.'

2005-04-25

SEC Investigating BearingPoint

The SEC has requested documents concerning the internal control deficiencies identified last month, according to the consultancy.

2005-04-25

U.S., E.C. Eye Roadmap to Convergence

Foreign public issuers that follow international financial reporting standards would not be required to reconcile to U.S. GAAP.

2005-04-25

Two Pension Funds Target 16 Companies

A pair of activist union groups are publicizing their hit lists of companies they are pressing for better corporate governance.

2005-04-21

Prosecutors Finally Rest in Scrushy Case

Government attorneys have moved to block the testimony of a prospective witness who the defense may call to testify about the authenticity of secretly taped conversations with a former CFO.

2005-04-20

Reports of Sarbox Retreat are Greatly Exaggerated

Weaking the Sarbanes-Oxley Act will not get very far, said Alan Beller.

2005-04-20

KPMG Settles Xerox Charges with SEC

KPMG permitted Xerox to "manipulate its accounting practices" to close a $3 billion gap between actual operating results and results reported to the investing public, according to the SEC.

2005-04-20

Investors Must Prove Loss in Fraud Suits

Investors accusing a company of securities fraud must make a direct connection between the fraud and a subsequent decline in the company share price.

2005-04-20

Most Companies Happy with HR Outsourcing

Most large companies have embraced human-resources outsourcing, according to a recent survey.

2005-04-20

Former AIG Finance Exec Put on Leave

An investigation of AIG accounting practices continue.

2005-04-19

Coke Probes Completed by SEC, DoJ

Coca-Cola was 'basically robbing from their future earnings,' an SEC lawyer reported asserted; 'there would have been no fraud had they made a disclosure of that practice.'

2005-04-19

Dynegy Pays $468M to Settle Suit

Last year, former midlevel executive Jamie Olis received a 24-year sentence without parole for his part in a sham transaction.

2005-04-19

Enron Broadband Trial Begins

Whatever happens in the Houston courtroom may foreshadow the outcome of the Lay, Causey, Skilling trial.

2005-04-19

SEC Postpones Options-Expensing Rule

The SEC will push back the effective date of Statement 123R.

2005-04-14

What is Next for Section 404?

SEC chairman William Donaldson and PCAOB chairman William McDonough seem to suggest that they believe this provision of Sarbanes-Oxley goes too far.

2005-04-13

PCAOB Chief: Some 404 Audits Excessive

McDonough foresees a "severe conversation" with accountants who engage in too much testing of their clients internal-controls reports.

2005-04-13

Greenberg Shifts $2.2B of Shares to Wife

The transfer, made four days before Greenberg left as CEO, represents 96% of his direct-ownership stake in AIG.

2005-04-13

SEC to Host 404 of the Sarbanes-Oxley Act.Roundtable

'Our goal is to listen, to let people vent,' and to consider whether changes might be needed, says an SEC commissioner.

2005-04-11

Former EasyLink CFO Settles Charges

During the period when EasyLink improperly recognized and reported advertising revenue from barter transactions, SEC Chairman William Donaldson was a director of the company and served on the audit committee.

2005-04-11

The Limits of Mercy

The cost of cooperating with the SEC is high. The cost of not cooperating is even higher.

2005-04-08

False Records Said to Be Found at Fannie

Journal entries containing falsified signatures reportedly helped Fannie Mae meet earnings targets and ultimately led to the payment of big executive bonuses.

2005-04-05

Late Filers Face Delisting

Nearly 300 companies recently asked for a 15-day extension for filing their 10-K, but dozens of them reportedly failed to meet even the extended deadline.

2005-04-05

CFO Resignations Soared in 2004

Pressured by earnings and compliance demands.

2005-04-04

Over 40? Now, It is Easier to Sue

Supreme Court strengthens protection for middle-aged and elderly workers; bar lowered for proving discrimination.

2005-04-04

PCAOB: No More Waiting Til Next Year

Standard would permit companies to bring in auditors to test specific controls any time of the year.


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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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