Posts Tagged ‘SOX 404’

SOX Compliance: Costs Down, Hours Up

404(b)

Protiviti has released its annual study of SOX compliance costs — a mixed picture where compliance costs are drifting downward overall, even while the hours spent doing SOX compliance work are on their way up. The report polled nearly 700 finance or audit executives. Frankly, the statistics about SOX compliance costs don’t tell us much,…

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SEC Preps SOX 404(b) Rollback

404(b)

The Securities and Exchange Commission will move forward next week with long awaited, but totally not surprising, plans to raise the threshold for accelerated filer status —  a move that will pave the way for more companies to avoid outside audits of their internal control over financial reporting. The SEC posted a notice that it…

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SEC Hits Firms on Internal Control

internal control

The Securities and Exchange Commission dinged four companies on Wednesday for poor internal control over financial reporting — a clear warning to companies that simply disclosing a material weakness in ICFR is not sufficient to fulfill a company’s compliance duties. Executives actually have to fix the problem, and not take too long to do so.…

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Regulatory Reform Bill — Ignores SOX!

compliance

The House of Representatives passed a significant regulatory reform legislation Tuesday — and while the bill’s fate in the Senate is unclear, compliance professionals should examine what’s not in the bill. That tells us a lot about how regulatory reform will probably unfold in 2018 and 2019 anyway. The legislation, formally known as the Jobs…

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SEC Starts Regulatory Reform Push

compliance

The Securities and Exchange Commission began moving forward this week on its ambitions to craft a more business-friendly regulatory regime, starting with plans to exempt many more companies from compliance requirements and to cap potential rewards to whistleblowers. Most notable for ethics and compliance officers, the commissioners voted (along the predictable 3-2 partisan split, favoring…

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Guest Column: COSO at a Tipping Point?

COSO

Nearly 30 years ago as young bank auditor, I learned about a private sector initiative known as “The Committee of Sponsoring Organizations of the Treadway Commission,” or more simply, “COSO.” It was the mid-1980s. The savings & loan crisis was raging. COSO was, and continues to be, a joint effort of five private sector organizations…

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New PCAOB Leadership Comes Aboard

standards

The leadership transition at the Public Company Accounting Oversight Board has begun. Its new chairman and one new board member were sworn in yesterday, and one of the new chairman’s first acts was to name a new chief of staff. William Duhnke was sworn in as chairman, Kathleen Hamm as board member. Duhnke then named…

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Treasury Report Eyes SOX Compliance

404(b)

The Trump Administration wants to exempt more companies from audits of internal control over financial reporting by raising the exemption threshold from $75 million to $250 million in market cap, and by doubling the time a newly public company is shielded from compliance obligations to 10 years. So says a Treasury Department report released Friday…

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SOX Compliance: Do Better Than a ‘C’ Grade

404(b)

So there we all were on Monday, several hundred of us, warming up for Workiva’s 2017 Wdesk user conference by attending the SOX & Internal Controls Professionals Group Summit to talk all things internal control. On stage was Jeremy Sucharski, GRC, SOX, and internal audit partner at Armanino. He was sharing thoughts on good and bad…

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PCAOB Lists Audit Inspection Priorities for 2017

CAM

SOX compliance officers, prepare to recalibrate your audit compass: the PCAOB has released its list of priorities for audit inspections this year. In a 19-page briefing document published yesterday, the PCAOB said its 2017 inspections are focusing on chronic trouble spots such as auditing accounting estimates and audits of internal control over financial reporting. They…

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