SOX Center

SINGAPORE: Creative Technology, whose music players compete with the Apple iPod, said it planned to end trading of its shares on the Nasdaq Stock Market to cut costs incurred by U.S. financial reporting requirements.
The Singapore-based company plans to file notice to remove the listing of its shares from the U.S. exchange on or around July […]

John Kerry and Olympia Snowe want another delay for small companies.
Senators John Kerry and Olympia Snowe have sent another letter to Securities and Exchange Commission chairman Christopher Cox asking him to give small companies more time to prepare for complying with the internal-control provisions of the Sarbanes-Oxley Act.
The small-business committees in both the House and […]

With the SEC holding to its Dec. 15 deadline for compliance, companies will be scrambling.
Time’s up!
That’s the message for small public companies from the Securities and Exchange Commission, which met recently to give final approval to new guidelines and amendments to the Sarbanes-Oxley corporate reform law.
The five-member commission didn’t include a hoped-for extension of the […]

The Department of Labor’s Administrative Review Board has ruled that a whistleblower’s accusations were not protected under the Sarbanes-Oxley Act whistleblower protection provision, CFO.com reports.
David Welch, former CFO of Virginia bank Cardinal Bancshares, in 2004 was the first person to win whistleblower protection under SOX. Welch said the bank fired him after he raised questions […]

Challenging optimism about the efficiency of new auditing standards, the House Small Business Committee’s chairwoman called on federal regulators to give thousands of small public companies even more time to comply with a controversial section of the 2002 Sarbanes-Oxley law.
Rep. Nydia Velazquez, D-NY, said on Tuesday that the Securities and Exchange Commission and the Public […]

Securities and Exchange Commission internal control reporting requirements because smaller banks are already required to report to their bank regulators.
Testifying before the House Small Business Committee, Diane Casey-Landry, ACB president and CEO, said: “Community banks are part of a highly regulated industry subject to alternative requirements, heightening the need for relief from the unnecessary and […]

IRS agents are drilling dry holes during corporate audits, the Japanese version of Sarbox, a new spin on insider trading, issuing debt without all the paperwork, and how to keep workers safe, but also help them die.
When Mark Everson took office in 2003 as commissioner of the Internal Revenue Service, he promised that collecting underpaid […]

When the U.S. Securities and Exchange Commission moved last week to relax a provision of the Sarbanes-Oxley Act, it signalled the end to what could be called the Great Audit War.
Ever since U.S. lawmakers passed the corporate reforms in 2002, legal and financial executives have been waging a behind-the-scenes war with external auditors over the […]

The Sarbanes-Oxley Act, passed by the US Federal Government in response to the Enron scandal in 2002 has caused BioProgress to delist from NASDAQ for the second time, adding to the register of European firms fleeing the US market.
Cambridge-based specialty pharma and healthcare company, BioProgress has announced its intention to delist from the NASDAQ stock […]

Sarbox ‘no longer makes sense from a cost and administrative perspective’ says chemical giant’s CFO as ICI prepares to leave New York Stock Exchange.
ICI is gearing up to leave the New York Stock Exchange to free itself from the blight of Sarbanes-Oxley compliance.
The company predicted a £4m annual saving from the de-listing based on the […]