SC is best Islamic funds regulator Nov 14, 2007
Meanwhile, the SC is anticipated to set up the Public Companies Accounting Oversight Board by early next year. Zarinah said the establishment required a lot of work as laws had to be amended and the structure developed. (The Star Online, Malaysia -- Business)
Click for Full Story Nov 12, 2007
Former FBI Director William Webster resigned under pressure as head of a special accounting oversight board created by Congress to rebuild public confidence shaken by a cascade of business scandals. One year ago: Hundreds of relatives and friends of the victims in the crash of American Airlines Flight 587, which claimed 265 lives, dedicated a much-awaited memorial in New York. (KWTX.com, TX)
Nasdaq Vice Chairman Michael G. Oxley Addresses Texas Chief Executives on Enron Reforms Five Years Later Nov 2, 2007
He said that the Securities and Exchange Commission and the Public Company Accounting Oversight Board would soon modify some SOX provisions to make the costs of internal control auditing more proportional, or in his words "scalable," to the size and complexity of the company. "There was a time element and so AS-2 (Auditing Standard No. 2, a section of SOX) came out. In retrospect, I think AS-2 was too rules-based as opposed to principles-base," Oxley said. (PR Newswire)
Auditing records can be corporate 'soft spots' in U.S. courts Nov 2, 2007
"The auditing profession is taking a more skeptical view of areas it considers high risk," said Charles Niemeier, a board member of the Public Company Accounting Oversight Board, the auditing industry regulator. "Auditors are asking for information that they previously did not ask for, and that is creating tension with their clients.". (International Herald Tribune -- Business)
* Ma accuses prosecutors of double standards Nov 1, 2007
Prosecutors who examined the receipts Weng had submitted for funds requiring accounting oversight determined that he had not used personal receipts to seek reimbursement. Meanwhile, KMT caucus whip Kuo Su-chun (K) told a press conference that prosecutors' decision not to indict Weng showed that Ma's indictment in the special allowance case was a case of "political persecution.". (Taipei Times, Taiwan -- World)
* Former Judicial Yuan chief cleared of graft suspicions Oct 31, 2007
Prosecutors who examined the receipts Weng submitted for funds requiring accounting oversight determined that Weng had not used personal receipts to seek reimbursement, Chen said. The Judicial Yuan said yesterday that it respected the investigation's findings. (Taipei Times, Taiwan -- World)
* Chief prosecutor outlines Oct 23, 2007
Chen said for the portion of special allowance funds that require no accounting oversight, prosecutors would investigate whether the expenditures were used for public purposes, whether the officials' assets had increased by an unusual amount during their terms of office and whether there was solid evidence that the officials had used the funds for personal reasons. For the portion of the allowances that do require accounting oversight, Chen said prosecutors would seek to determine whether... (Taipei Times, Taiwan -- World)
New audit rules could be costly in time and money Oct 17, 2007
One standard, which affects public companies, comes from the Public Company Accounting Oversight Board (PCAOB), a nonprofit corporation created by the Sarbanes Oxley Act of 2002 to oversee auditors of public companies. The other, which governs audits of private companies and thus will have a bigger effect on Colorado, was published by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA). (Denver Business Journal, CO)
Mitsui & Co (USA) UK Regulatory Announcement: Annual report & accounts Oct 8, 2007
We conducted our audits in accordance with generally accepted auditing standards as established by the Auditing Standards Board (United States) and in accordance with the auditing standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. (BusinessWire)
Clarification Sep 27, 2007
With reference to our story, Auditors: New board to boost confidence,'' which appeared on Monday, PricewaterhouseCoopers Malaysia executive chairman Datuk Johan Raslan did not refer to an Oct 1 deadline in relation to the setting up of the Public Companies Accounting Oversight Board (PCAOB). More News. (The Star Online, Malaysia -- Business)
Auditors: New board to boost confidence Sep 24, 2007
The introduction of the Public Companies Accounting Oversight Board next month will warrant auditors to adhere to a new level of corporate governance ... THE setting up of the Public Companies Accounting Oversight Board (PCAOB), which comes into effect on Oct 1, is a positive move by the Government to ensure greater reliability of audited accounts, said PricewaterhouseCoopers executive chairman Datuk Johan Raslan. (The Star Online, Malaysia -- Business)
Its a move in right direction, says MICG Sep 24, 2007
On the formation of a Public Companies Accounting Oversight Board (PCAOB), Shahran said the board would need to form sub-committees to monitor the ACs of PLCs. The minutes of AC meetings should be submitted to the sub-committees to be given to the PCAOB, he said. (The Star Online, Malaysia -- Business)
MSWG supports comply or explain principle Sep 24, 2007
Who should the Public Companies Accounting Oversight Board (PCAOB) comprise and what should its duties be. Members of the board must be senior individuals of impeccable integrity and high reputation with an interest in, and sound knowledge of, the capital market and international issues relevant to the auditing and assurance function and the role of such functions in the global capital markets. (The Star Online, Malaysia -- Business)
PwC exec chairman on new changes in audit practices Sep 24, 2007
StarBiz: How will the Public Companies Accounting Oversight Board (PCAOB) help strengthen a company's corporate governance and affect accounting firms. Who should it comprise and why and what should its duties be. (The Star Online, Malaysia -- Business)
* Prosecutors defend their integrity in indictments Sep 23, 2007
Prosecutor Shen Ming-lun (H) said that during their tenure as Kaohsiung mayor and Taipei County commissioner, Hsieh and Su had both deposited the part of their special allowance funds that did not require accounting oversight into their bank accounts. Although prosecutors were unable to trace every expenditure, they determined that the value of their spending had exceeded the special allowance funds they had received. (Taipei Times, Taiwan -- World)
NEC Corporation Unable to File Form 20-F Annual Report With U.S. SEC and Concludes Restatement of Prior U.S. GAAP Results Is Not Practicable Sep 21, 2007
This analysis had been necessary for NEC's outside auditor to complete the audit of NEC's consolidated financial statements for the fiscal year ended March 31, 2006 under U.S. Public Company Accounting Oversight Board standards. As a result, NEC will not be able to file its Form 20-F annual report for the year ended March 31, 2006 with the U.S. Securities and Exchange Commission ("SEC"). (PR Newswire)
SOX compliance, governance software on hold no longer Sep 15, 2007
While waiting for the and the Public Company Accounting Oversight Board to adopt SOX's final regulations, the company grew from two employees to seven and Brophy served as the Tampa Bay Partnership's VP of finance and administration, as well as interim CFO for Bradenton-based. At one point, Brophy was not sure if he would have an active role in the company, but in spring 2006 he took over as OIWare's president and CEO, a necessary move as the company is already courting local as well as global... (Tampa Bay Business Journal, FL)
Shakers: Business personalities in the news Sep 10, 2007
Larry Klane, the Capital One Financial executive nominated to the Federal Reserve, may come under congressional scrutiny for his company's subprime lending, a former central bank official says (International Herald Tribune -- Business Asia)
A shrewd Budget, says Nazir Sep 10, 2007
The public companies accounting oversight board to be set up under the auspices of the Securities Commission and lower brokerage rates for e-broking and stamp duty exemption on merger and acquisition exercises would also be well received, he said. Nazir welcomed the emphasis placed on corporate social responsibility (CSR), which he felt Malaysian companies still didnt do enough of. (The Star Online, Malaysia)
Corporate tax cut further to 25% Sep 8, 2007
To improve corporate governance, the Government will establish a Public Companies Accounting Oversight Board under the auspices of the Securities Commission (SC). This board will be responsible for monitoring auditors of public companies to ensure that the quality and reliability of audited financial statement is enhanced. (The Star Online, Malaysia)
SarbOx Controversial, But Seen Doing The Job Aug 18, 2007
One clear benefit of SarbOx has been to improve the oversight of auditors, says Daniel Goelzer of the Public Companies Accounting Oversight Board, a private nonprofit group created by the SarbOx legislation. For instance, auditors can't provide consulting services to the companies they audit. (Investors Business Daily)
SOX spending is down, but CIOs still have work to do Aug 17, 2007
Part of the backlash from business on SOX was that the SEC and the Public Company Accounting Oversight Board failed to provide clear guidance on Section 404, the portion of the law that requires companies to prove their financial controls are accurate ... Part of the backlash from business on SOX was that the SEC and the Public Company Accounting Oversight Board failed to provide clear guidance on Section 404, the portion of the law that requires companies to prove their financial controls are... (SearchCIO.com)
Getting SOX Right Aug 14, 2007
Last December, the SEC and Public Company Accounting Oversight Board (PCAOB) finally acknowledged it was time to fix what went wrong. To help solve the problem, they introduced a draft of interpretive guidance for management's assessment of internal control--basically, a set of directions for better implementing SOX from inside a company. (Forbes)
CHRISTIAN SCIENCE MONITOR: A law that's uncooked books Aug 13, 2007
And audit firms, which once policed themselves, now face scrutiny from a new government body, the Public Company Accounting Oversight Board (PCAOB). But all has not been easy under SOX. Mid-sized companies have found the cost of compliance can add a big chunk to their expenses. (Fresno Bee -- Opinion)
Acevedo Launches Investigation Into Use Of Funds Aug 9, 2007
But, for now, it's unclear whether this is an accounting oversight or criminal misuse of millions of dollars. The chief vowed that his investigation will find out. (K-Eye News, TX)
Sarbanes-Oxley law has been a pretty clean sweep Jul 30, 2007
Charles Niemeier, a member of the Public Company Accounting Oversight Board (PCAOB) which was created by Sarbanes-Oxley says the law has been a huge success for the average investor. "Instead of the sky falling, it's just the opposite," he says. (USA Today -- Money)
Center for Audit Quality Survey Finds Majority of Nation's Investors Support Sarbanes-Oxley, Believe Rules Mandated By Act Should Not Be Eased Jul 29, 2007
"The fifth anniversary of the Sarbanes-Oxley Act is a good opportunity to take a step back, to examine its accomplishments, and to consider its future. There should be a robust discussion among all participants in the capital markets. Investor opinions are a critical part of that, and their confidence in our markets and in the reforms of the last five years is heartening," said Cindy Fornelli, executive director of the CAQ. "Going forward, we must continue to pursue the balanced approach that... (PR Newswire)
Daily News letters Jul 28, 2007
Why was Veco, an oil field services corporation, chosen to provide accounting oversight and mail forwarding for the remodeling of Stevens' home. 2. (Anchorage Daily News)
/C O R R E C T I O N -- Cullen/Frost Bankers, Inc./ Jul 26, 2007
-- The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters. -- Changes in the Corporation's organization, compensation and benefit plans. (PR Newswire)
CinemaElectric, Inc. Announces Engagement of Hawkins Accounting as New Independent Audit Firm Jul 25, 2007
Hawkins Accounting will audit the fiscal years ending December 31, 2005 and 2006 conducted in accordance with the standards established by the Public Company Accounting Oversight Board. Founded in 1999, is a leading producer and distributor of award-winning, made-for-mobile video and multimedia content. (BusinessWire)
Tenneco Announces Restatement of Financial Statements Primarily Related to Accounting for Interest Rate Swaps Jul 24, 2007
In reviewing the audit of the company's financial statements by its external auditors, the Public Company Accounting Oversight Board identified differences between the swaps and the underlying debt, which did not fully meet the mirror image requirements of the short-cut method. One difference is between the 30-day notice period to terminate the swaps and the 30 to 60 day notice period to redeem the notes. (PR Newswire)
Making SOX Fit Smaller Outfits Jun 14, 2007
The new Sarbanes-Oxley compliance guidelines issued by the Securities & Exchange Commission and the Public Company Accounting Oversight Board last month should make life easier for smaller public companies, experts say (see BusinessWeek. com, 6/8/07, ). (BusinessWeek)
Optical Cable Corporation Reports Fiscal Second Quarter 2007 Financial Results Jun 13, 2007
Factors that could cause or contribute to such differences include, but are not limited to, the level of sales to key customers, including distributors; timing of certain projects and purchases by key customers; the economic conditions affecting network service providers; corporate and/or government spending on information technology; actions by competitors; fluctuations in the price of raw materials (including optical fiber); the Company's dependence on a single manufacturing facility; the... (PR Newswire)
Call to delay Sarbox for small companies Jun 6, 2007
Smaller companies defined by the SEC as having market capitalisations of $75m or less must next year have an external auditor sign off on those checks, using new guidelines issued by the Public Company Accounting Oversight Board, the accounting watchdog. Christopher Cox, SEC chairman, said there was "absolutely no question" that the PCAOB's revised auditing standard was "going to be more flexible and compliance is going to be much less costly". (MSNBC -- Business)
Sarbanes-Oxley changes greeted by some, but not all are happy Jun 4, 2007
The Securities and Exchange Commission and the Public Company Accounting Oversight Board have issued new long-awaited rules aimed at streamlining auditing and internal controls for the Sarbanes-Oxley Act. The result could make compliance less of a headache and less expensive. (San Jose Business Journal, CA)
SarbOx Changes May Ease IT Woes May 26, 2007
The Public Company Accounting Oversight Board is a nonprofit corporation created by the Sarbanes-Oxley Act of 2002, or SOX, to oversee the auditors of public companies in the wake of the Enron and WorldCom scandals. The board's new rules allow external auditors to focus on the riskiest areas of a company's internal controls and use more of the work already performed by internal auditors. (eWeek)
SEC makes good on promise to clarify guidance on SOX May 25, 2007
The Public Company Accounting Oversight Board (PCAOB), the SEC's partner in compliance, is expected to vote today on new rules for auditors that are intended to help companies take a top-down approach to SOX, rather than the costly laundry list approach of recent years ... The Public Company Accounting Oversight Board (PCAOB), the SEC's partner in compliance, is expected to vote today on new rules for auditors that are intended to help companies take a top-down approach to SOX, rather than the... (SearchCIO.com)
NDP calls for crack-down on corporate sins May 25, 2007
-Stricter accounting oversight and auditing of Canadian companies, including new demands for disclosure by Canadian executives. -Whistle blower protection for corporate employees and tougher rules governing corporate perks and disclosure. (Globe and Mail -- Business)
SEC adopts new guidance for Sarbanes-Oxley May 24, 2007
The Public Company Accounting Oversight Board is expected to vote on Thursday in favor of revised guidance for auditors on a risk-based approach when assessing a company's internal controls. The U.S. Chamber of Commerce applauded the changes. (ABC News -- Wire)
SEC approves guidelines to ease auditing compliance May 24, 2007
The agency's guidelines, combined with a revised auditing standard from the Public Company Accounting Oversight Board, are aimed at ending more than a year of debate over whether the law's costs outweigh its benefits ... The SEC guidance will be coordinated with changes to audit rules that the Public Company Accounting Oversight Board will vote on today. (Sunspot.net -- Business)
New Rules May Ease SOX Audits May 23, 2007
The Public Company Accounting Oversight Board (PCAOB) -- a private, nonprofit entity that gives guidance to the many auditors who evaluate SOX compliance -- on Thursday is scheduled to vote on a range of new recommendations, many of which will make it easier and less expensive for companies to meet the legal regulations. "These changes could have a very profound effect on the whole compliance effort," says Chris Davis, manager of compliance knowledge management at Cybertrust, which offers... (Forbes -- Technology)
Regulators to begin SOX reviews May 22, 2007
On May 24, the PCAOB (Public Company Accounting Oversight Board) -- the nonprofit oversight group created to help manage application of the Sarbanes Oxley Act -- plans to meet in Washington to vote on a range of topics, including several issues that could shift the application of the legislation, originally passed in 2002 to help fight corporate financial fraud. In the meetings, the group is expected to approve a final standard for auditing internal control over financial reporting as well as a... (InfoWorld)
Small Public Companies Must Get SOX Religion May 16, 2007
By June, the SEC is supposed to issue new guidance on tailoring internal controls over financial reporting, and the PCAOB (Public Company Accounting Oversight Board) is to issue a simplified standard for outside audits of companies internal controls. Assuming they meet those deadlines and they expect to smaller companies whose fiscal year ends in December have until next March to file management reports on their internal controls, and until March of 2009 to complete outside audits of these... (CIO Information Network)
• Corporate landscape changing May 6, 2007
In 2002, a federal law called Sarbanes-Oxley Act was passed in an attempt to oversee corporate board accountability and, perhaps most notably, creating the Public Company Accounting Oversight Board. Since then, some companies have responded accordingly, reacting to their investors and breaking down management-heavy corporate structures to incorporate some aspects of shareholder-friendly ideals. (Bismarck Tribune, ND)
Small public companies get a reprieve from Sarbanes-Oxley audit requirements May 3, 2007
The Public Company Accounting Oversight Board, meanwhile, will issue a new, simplified standard for outside audits of companies' internal controls. advertisement. (MSNBC -- Business)
2007 U.S.-EU Summit Economic Progress Report May 1, 2007
In addition, the Chairman of the U.S. Public Company Accounting Oversight Board (PCAOB) and the EU Internal Market and Services Commissioner agreed to work on furthering cooperation in auditor oversight. The goal is to move toward full reliance on each others' oversight systems by 2009. (White House News Releases)
Framework for Advancing Transatlantic Economic Integration Between the United States of America and the European Union May 1, 2007
A. Strengthen cooperation to promote smooth implementation of the Basel II framework for banks, notably to address transitional issues and minimize differences of implementation between the EU and United States; B. Promote conditions for the U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards to be recognized in both jurisdictions without the need for reconciliation by 2009 or possibly sooner; C. Fully support roadmap discussions between the Public... (White House News Releases)
Sharing the Burden of Compliance Apr 30, 2007
That interpretation is echoed by the Public Company Accounting Oversight Board (PCAOB), which states the use of a service organization does not reduce management s responsibility to maintain effective internal control over financial reporting. Unfortunately, this does little to clear up the confusion surrounding which types of relationships are subject to control assessments. (CIO Information Network)
Small companies to get Sarbanes-Oxley relief Apr 30, 2007
The Public Company Accounting Oversight Board, meanwhile, will issue a new, simplified standard for outside audits of companies' internal controls. This article is for Paid Print Subscribers ONLY.. (Buffalo Business First, NY)
SEC may pull rank to settle differences over Sarbanes-Oxley Apr 23, 2007
WASHINGTON: The U.S. Securities and Exchange Commission may exert its authority over the Public Company Accounting Oversight Board if regulators cannot settle their differences on revising the Sarbanes-Oxley Act, an SEC commissioner, Paul Atkins, said. The accounting board, which oversees audit firms, is "wedded to" a more general approach in determining what is relevant to financial statements, Atkins said Friday. (International Herald Tribune -- Business Asia)
CFO.com: SEC Used Budget to Strong-arm FASB Apr 5, 2007
By contrast, the budget for the Public Company Accounting Oversight Board, which the SEC traditionally has approved simultaneously with FASB's, was submitted to the SEC on November 30 and approved eight days later, on December 8. For more information view: "SEC Used Budget to Strong-arm FASB" by Alan Rappeport and Marie Leone, published April 3 on CFO.com. (PR Newswire)
Briefing: Siemens board memberis released on bail bond Apr 5, 2007
The SEC will issue guidelines to the Public Company Accounting Oversight Board to ensure that audits can be scaled for companies of different sizes and that auditors can rely more on their clients' own work. The recommendations, approved by SEC commissioners, aim to align efforts to revise Sarbanes-Oxley. (International Herald Tribune -- Technology)
SEC pushes clearer Sarbox guidelines Apr 5, 2007
At issue is how the SEC's new guidelines for company management on implementing the law's Section 404 internal controls provisions can be more closely aligned with separate guidance for auditors issued by the Public Company Accounting Oversight Board (PCAOB). advertisement. (MSNBC -- Business)
Rule changes might result in CPA searches Mar 26, 2007
That's one of the reasons why a new initiative by the Public Company Accounting Oversight Board is creating a stir in the offices of CEOs across the land. This article is for Paid Print Subscribers ONLY.. (Birmingham Business Journal, AL)
HOW TO GET REFORM RIGHT Mar 15, 2007
SOx created the first-ever watchdog over the public auditing profession - the Public Company Accounting Oversight Board (PCAOB), charged with ensuring that auditors safeguard the interests of public investors. As a result, auditing firms are having their practices questioned and reviewed to make certain that they are meeting the highest standards. (New York Post -- Opinions)
Briefing: Bernanke backs limits on mortgage lenders Mar 7, 2007
The two sides will work to end registration requirements by 2009 for foreign auditing firms supervised in their home countries, said Mark Olson, chairman of the U.S. Public Company Accounting Oversight Board, and Charlie McCreevy, EU financial-services commissioner. They made the pledge in similar statements after meeting in Washington. (International Herald Tribune -- Business)
Business briefs Feb 24, 2007
We urge the SEC to consider giving small public companies this much-needed extension, the lawmakers wrote in a letter Friday to Securities and Exchange Commission Chairman Christopher Cox and Public Company Accounting Oversight Board Chairman Mark Olson. Congress imposed the requirement as part of the 2002 Sarbanes-Oxley Act, requiring public companies to evaluate their internal controls over financial reporting annually, subject to further review by the firms outside auditor, and report any... (Charleston Gazette, WV -- Business)
As regulation crimps U.S. IPO business, anxiety is rising Feb 21, 2007
The consulting firm also recommends that the Securities and Exchange Commission and the Public Company Accounting Oversight Board, which oversees auditors, change guidelines for the Sarbanes- Oxley rules. Section 404 requires managers of companies that are publicly traded in the United States to evaluate their international financial controls and hire outside auditors to sign off on those assessments. (International Herald Tribune -- Business Asia)
More IPOs Shun American Exchanges While Wall Street Collects Record Fees Feb 21, 2007
The New York-based consulting firm also recommends that the Securities and Exchange Commission and the Public Company Accounting Oversight Board, which oversees auditors, change guidelines for the Sarbanes-Oxley rules. Section 404 requires managers of companies that are publicly traded in the U.S. to evaluate their international financial controls and hire outside auditors to sign off on those assessments. (Bloomberg)
Fed's Bies Resigns After Five Years at Central Bank (Update2) Feb 10, 2007
Mark Olson, another former commercial banker, left the Fed last June to head the Public Company Accounting Oversight Board, and Bush has yet to replace him. Roger Ferguson, who quit as Fed vice chairman last year, was also considered an expert on banking policy. (Bloomberg)
Plugging the IPO Drain Feb 10, 2007
Charles Niemeier, a member of the U.S. Public Company Accounting Oversight Board, calls it "the clearest, most straightforward evidence" that Sarbanes-Oxley is not driving companies overseas. Shareholder lawsuits are also blamed unfairly. (Time.com)
GM to delay 2006 results Jan 27, 2007
GM said in June it would combine the controller and chief accounting officer jobs to improve accounting oversight. GM said the revisions for hedging "could be material" but did not give details. (The Age)
GM will delay results, restate back to 2002 Jan 26, 2007
GM said in June that it would combine the controller and chief accounting officer jobs to improve accounting oversight. Copyright 2007 Globe Newspaper Company. (Boston Globe -- Business)
* US must ease rules: study Jan 24, 2007
The SEC and the Public Company Accounting Oversight Board, trying to make audits less burdensome and costly, recommended last month that companies and accounting firms only focus on items most likely to cause a restatement. The SEC opposes exempting companies from Sarbanes-Oxley. (Taipei Times, Taiwan -- World)
