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1. Corporate governance best practices 10 years after SOX   CPEDirect

BY Ken Tysiac
You could hardly go to a Washington hearing related to an accounting or auditing issue this spring without someone singing the praises of the Sarbanes-Oxley Act of 2002 (SOX). At a House subcommittee meeting on accounting and auditing oversight, House Financial Services Committee Chairman Spencer Bachus, R-Ala., said SOX has been successful in preventing some of the challenges it was created to address.

2. Updated COSO framework will help audit committees comply with SOX  

BY Stephen G. Austin
The compliance revolution after the passage of the Sarbanes-Oxley Act of 2002 (SOX) was accomplished in large part with the help of the internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO’s framework became part of a worldwide movement to enhance periodic accounting and reporting of financial results.

3. Highlights of Corporate Governance Research   CPEDirect

BY Cynthia E. Bolt-Lee, CPA, David B. Farber, Ph.D. and Stephen R. Moehrle, CPA, Ph.D.
Several corporate governance developments have occurred in the wake of the high-profile scandals of the past decade. Some of these developments are motivated by legislation such as the Sarbanes-Oxley Act of 2002 (SOX). Others are best practices enhancements intended to shore up investor confidence. Academic research has monitored these developments.

4. PCAOB, SEC to Meet With Chinese Officials on Auditing Oversight   WebExclusive

The PCAOB said Wednesday that a joint PCAOB-SEC delegation will meet next week in Beijing with representatives of China’s Ministry of Finance and the China Securities Regulatory Commission (CSRC) to discuss issues relating to auditing oversight. “This meeting is the commencement of our accelerated efforts with the People’s Republic of China to forge a cooperative resolution to cross-border auditing oversight,” PCAOB Chairman James Doty said in a news release.

5. Financial Regulatory Reform: What You Need to Know  

BY Matthew G. Lamoreaux
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which became law in July, will create new regulations for companies that extend credit to consumers, exempt small public companies from Sarbanes-Oxley section 404(b), make auditors of broker-dealers subject to PCAOB regulation and change registration requirements for investment advisers.

6. PCAOB Focusing In on SOX Provisions   WebExclusive

The PCAOB on Thursday issued a release discussing certain provisions of the Sarbanes-Oxley Act of 2002 (SOX). The two-part release focuses on the application of the act’s section 105(c)(6), which authorizes the PCAOB to sanction registered firms and their supervisory personnel for failing to “reasonably supervise” associated individuals who violate certain laws, rules or standards.

7. Little Change for PCAOB Under High Court Ruling   WebExclusive

BY Matthew G. Lamoreaux
The Supreme Court’s 5–4 decision Monday in the constitutional challenge to the PCAOB will leave the agency virtually unchanged. The court’s ruling will not affect day-to-day operations of the PCAOB, the agency said. Chief Justice John Roberts wrote the majority opinion. In it, he said the court was isolating, or “severing,” from the rest of the Sarbanes-Oxley Act the one constitutional flaw the court found regarding the power to remove PCAOB members.

8. Small Public Companies Have Six More Months to Meet SOX Internal Controls Requirement   WebExclusive

The SEC on Friday announced that the smallest public companies have six more months to provide audited assessments on the effectiveness of their internal control over financial reporting. Under section 404 of the Sarbanes-Oxley Act, public companies and their independent auditors are each required to report to the public on the effectiveness of a company’s internal controls.

9. Spending on SOX  

According to The Sarbanes-Oxley Investment: A Section 404 Cost Study for Smaller Public Companies , a study by SOX research and consulting firm Lord & Benoit, the total average combined costs of complying with section 404(a) and section 404(b) was $78,457. The costs ranged from as little as $23,000 for a small software company to as much as $197,000 for a manufacturer/distributor with many locations.

10. Nonprofits Adopt Governing Policies  

Since the implementation of Sarbanes-Oxley, board governance policies at not-for-profit organizations have dramatically changed, especially when it comes to whistleblower and conflict-of-interest policies. Of the 89% of organizations that have a conflict-of-interest policy in place, more than nine out of 10 require board members to sign the policy and more than two-thirds (68%) have executive management sign—an increase from 50% in 2003.
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