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Inside Sarbanes Oxley — All the SOX news that's fit to print — Page 2

What Does Madoff’s Auditor Say? No Answer

December 16, 2008

The tiny auditor of Bernard Madoff’s Wall Street firm, at the center of an alleged $50-billion Ponzi scheme, is being investigated by the district attorney in a New York City suburb. Friehling & Horowitz had signed off on the annual financial statement for Bernard L. Madoff Investment Securities LLC, according to Bloomberg News. CFO.com’s calls [...]

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Proposed “Emergency Economic Stabilization Act of 2008″

September 28, 2008

Noteworthy language in the relief regarding market transparency, oversight and audit, and mark-to-market (MTM) FAS157 treatment: Section 114. Market Transparency.48-hour Reporting Requirement: The Secretary is required, within 2 business days of exercising authority under this Act, to publicly disclose the details of any transaction. Section 116. Oversight and Audits.Requires the Comptroller General of the United [...]

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Gartner Magic Quadrant – GRC

August 9, 2008

Free report from Gartner on leading GRC applications, courtesy of MetricStream.

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Survey: Enterprise risk management still a blind spot for insurance CFOs

May 29, 2008

The drumbeat for the use of enterprise risk management processes at major companies is getting louder thanks to the credit crisis. Federal Reserve Chairman Ben Bernanke said yesterdayThursday that the credit crisis has exposed weaknesses in many financial firms’ risk-management practices. “For risks to be successfully managed, they must first be identified and measured,” Mr. [...]

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Large-caps set high corporate governance standards, but independence still an issue for some

May 29, 2008

For those that have felt the corporate governance requirements under SOX were unreasonable, consider these findings in Austrailia regarding corporate governance practices. The themes sound all too familiar. Australia’s largest publicly listed companies generally meet all aspects of best practice guidelines for corporate governance; however full independence still remains a key issue for some major [...]

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Lawsuits may expand Sarbanes-Oxley

May 29, 2008

Two lawsuits filed by former employees against Fidelity Investments may resolve a simmering dispute in the securities industry: Whether mutual fund employees are protected by a whistle-blower law adopted in the wake of corporate accounting scandals. The Sarbanes-Oxley Act does not specifically apply to the Fidelity Investments chairman’s firm and other privately held companies. Congress [...]

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Harsh internal IMF audit calls for ‘major changes’

May 29, 2008

Internal auditors at the International Monetary Fund released a harshly critical report on governance Wednesday and urged “major changes” to maintain the embattled institution’s relevance. The Independent Evaluation Office of the IMF said that effectiveness had been the strongest aspect of the 185-nation institution’s governance, “while accountability and voice have been the weakest.” “If left [...]

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Board Adopts New Ethics and Independence Rule Concerning Communications with Audit Committees and an Amendment to its Existing Tax Services Rule

April 25, 2008

The Board adopted Rule 3526 to enhance communication between audit committees and registered firms regarding the firm’s independence. Rule 3526 will require a registered public accounting firm, before accepting an initial engagement pursuant to the standards of the PCAOB, to describe in writing to the audit committee all relationships between the firm or any of [...]

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Crunching the Words

April 25, 2008

When auditors seek evidence of fraud, they take a careful look at a company’s financial statements. Maybe they should examine other statements, such as those uttered by company executives. That’s the theory behind new fraud-detection software developed by two professors at Virginia Tech, who say that the story a company crafts around its numbers often [...]

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SOX Life Blog: Knowledge Management and Corporate Governance

April 22, 2008

Knowledge Management (KM) is more than a buzz phrase running through organizations, so if you were hoping this discussion was going to abruptly end, think again. With so many organizations facing labor shortages as the baby boomers look toward retirement, it becomes not only a staffing but a very practical governance conversation about addressing this [...]

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