SOX Center

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 […]

Business advisors Grant Thornton LLP have applauded the SEC and the PCAOB for their efforts in addressing the legitimate concerns of the capital markets while still reinforcing the value of Sarbanes-Oxley to investors.
“We believe that the new guidance and auditing standards strike an appropriate balance between efficiency and effectiveness, though it will take time to […]

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 […]

CCH principal analyst and leading author on securities law, Jim Hamilton, JD, LLM, has released a white paper on the long-awaited Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) issuances on internal controls over financial reporting under section 404 of the Sarbanes-Oxley Act.
CCH, a leading provider of securities law information, is […]

Two more UK companies have announced they will delist their shares from the New York stock market to avoid the burden of complying with legislation such as the Sarbanes-Oxley Act.
Both United Utilities and ICI expect to cut their compliance costs by millions of pounds a year by dropping their secondary listings in the US.
Warrington-based United […]

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 Office of Advocacy today praised Securities and Exchange (SEC) Commissioners Paul Atkins and Kathleen Casey for their willingness to reconsider the SEC decision not to extend the deadline for small public firm compliance with section 404 of the Sarbanes-Oxley Act. Advocacy wrote to the commissioners in the wake of the SEC’s decision not to […]

The financial burden of Sarbanes-Oxley Act (SOX) compliance is slowly, but surely starting to ease.
The cost of compliance with Section 404 of the SOX declined by 23% in fiscal 2006, according to a survey by Financial Executives International.
The Florham Park, New Jersey-based organization found the average company spent $2.9 million on SOX compliance in 2006, […]

Research and Markets has announced the addition of “A Focus on Law Analysis: The Intricacies and Effects of Sarbanes-Oxley Legislation” to their offering.
This 25-page research report written for all executives examines in-depth, the intricacies and effects of Sarbanes-Oxley legislation. From pre-Sarbanes obstruction of justice statutes to new Sarbanes-Oxley provisions; from a point-by-point look at several […]