SOX Center

The US Treasury has welcomed a statement released by the Securities and Exchange Commission and the Public Company Accounting Oversight Board regarding their votes to address the implementation of Section 404 of the Sarbanes-Oxley Act:
“The SEC and the PCAOB, after carefully considering the effects of Section 404, moved this week to strike the right balance […]

U.S. accounting overseers voted Thursday to streamline rules for auditors’ assessments of corporate financial statements, in a move that supporters say will save time and simplify burdens imposed by the 2002 Sarbanes-Oxley Act.
By unanimous vote, the five members of the Public Company Accounting Oversight Board approved a new standard directing accounting companies to focus their […]

The U.S. Securities and Exchange Commission approved new guidance on Wednesday to help companies comply with what critics say is a burdensome and costly provision of the Sarbanes-Oxley corporate reform law.
The agency, by a 5-0 vote, encouraged companies to take a more risk-based approach to complying with Section 404 of the legislation.
“Congress never intended that […]

U.S. securities regulators will vote on tweaks to the controversial Sarbanes-Oxley law on Wednesday, finalizing changes initially approved in April amid continuing complaints from businesses about the law’s unpopular accounting provision.
At issue is Section 404 of the law, which was passed in 2002 following scandals at Enron and other companies. The section requires companies to […]

Since the passage of the Public Company Account­ing Reform and Investor Protection Act of 2002 (the Sarbanes–Oxley Act), small and mid-sized public companies have struggled to comply with its onerous provisions, which created an enormous and dispro­portionate regulatory burden. Most of these costs can be attributed to Section 404, a small section of only 168 […]

FEI announced the results of its sixth Sarbanes-Oxley compliance survey, which found that Section 404 compliance cost Corporate America less in year three of adoption than in each of the first two years. FEI polled 200 companies to gauge experiences in complying with Section 404. Responding companies have average revenues of $6.8 billion.
According to […]

Several of the North Bay’s publicly traded companies will soon have to comply for the first time with the stringent accounting requirements of the federal Sarbanes-Oxley Act.
The Securities and Exchange Commission is still revising those requirements, and the companies face the dilemma of whether to prepare now using the current requirements or wait for the […]

Penthouse International Inc. settled charges of accounting fraud and financial reporting violations, the U.S. Securities and Exchange Commission said on Thursday.
Former Penthouse executive Charles Samel and former shareholder Jason Galanis also agreed to each pay $60,000 to a settle accounting fraud charges, the SEC said.
Penthouse, the adult magazine, was formerly owned by Penthouse International, a […]

The US Senate’s thumping defeat of an amendment to exempt certain small and medium-sized businesses (SMBs) from compliance with Section 404 of the Sarbanes-Oxley Act is bad for business US poiticians have declared.
SMBs fell foul of political battles by those decrying the amendment as an attack on shareholder protections and others countering that SOX is […]

Amcor Limited announced today that it intends to voluntarily withdraw its American Depositary Receipts (ADRs) from listing on The NASDAQ Stock Market LLC and to deregister its ADRs and its ordinary shares under the U.S. Securities Exchange Act after the recently adopted deregistration rules of the U.S. Securities and Exchange Commission (SEC) become effective on […]