SOX Center

As the SEC and PCAOB continue to revise their internal-control standards, what should small businesses do in the meantime? A few are asking senators for an extension.
More than 6,000 public companies face a serious dilemma about their Sarbanes-Oxley compliance: Should they use the current version of Section 404 now in reviewing internal controls over their […]

Richard Wasielewski, Nortech Systems, Inc. (NASDAQ:NSYS) vice president and chief financial officer, testified Wednesday before a U.S. Senate Committee on Small Business and Entrepreneurship that Sarbanes-Oxley (SOX) regulatory requirements have both helped Nortech improve its internal controls and financial reporting practices but also that the new requirements have added considerably to the company’s costs.
Wasielewski appeared […]

Securities and Exchange Commission Chairman Christopher Cox isn’t ruling out further delays in applying stricter accounting requirements on small public companies but said such relief isn’t the option preferred by regulators.
About 6,000 smaller public companies have yet to come under two requirements adopted by Congress in 2002 as part of the Sarbanes-Oxley Act, calling for […]

Lawmakers and regulators in Washington, D.C., yesterday heard an earful from small-business owners, including some from Massachusetts, who claimed the Sarbanes-Oxley Act is burdening firms and stifling growth.
Complaints ranged from the costs associated with the act’s accounting regulations to firms balking at going public if it means spending so much money complying with provisions.
“From my […]

Chief Counsel for Advocacy Thomas M. Sullivan today commended the U.S. Senate Committee on Small Business & Entrepreneurship for holding a hearing on the impact of Section 404 of the Sarbanes-Oxley Act on smaller public companies.
In written testimony, Sullivan said, “The topic of how the Sarbanes-Oxley Act impacts small business is an important one, and […]

BIO Reiterates Support as Senate Small Business Committee Considers Changes
WASHINGTON–(BUSINESS WIRE)–As Securities and Exchange Commission (SEC) Chairman Christopher Cox and Public Companies Accounting Oversight Board (PCAOB) Chairman Mark Olsen prepare to testify before the Senate Committee on Small Business & Entrepreneurship today, BIO reiterated its support for changes to the Sarbanes-Oxley Act of 2002 […]

The scam well has apparently run dry. Con artists that lack the scope to pull off a Ponzi or boiler room plot are using the Sarbanes-Oxley Act to dupe unsuspecting compliance managers.
A grafter, claiming to be a known FASB staffer, is preying on companies in an attempt to get them to purchase Sarbox compliance books, […]

Fuwei Films (Holdings) (Nachrichten) Co., Ltd. (”Fuwei Films” or the ” Company”) announced the appointments of Ms. Cindy Lu and Dr. Zhibing Qian as Senior Vice Presidents.
Xiaoan He, CEO and Chairman of Fuwei Films stated that, “We are pleased to have new members join our management team. Ms. Lu will take full charge of investor […]

Markets: Investors are taking companies private at a record pace. On Monday, it was Sallie Mae, the mammoth school-loan company, in a $25 billion deal. Do private equity firms know something the rest of us don’t?
It sure seems so to us. Make no mistake about it: Sallie Mae is big, and dominant in its industry. […]

Since the days of America’s first Treasury secretary, Alexander Hamilton, New York’s financial markets have driven and sustained the nation’s economy. And for the last century, companies worldwide that sought to raise capital overwhelmingly came to the United States.
Sadly, and distressingly, that era may be coming to an end, as companies looking for money on […]