As a publication covering breaking news, Governance Alerts focus on corporate governance issues and the continuing implementation of Sarbanes-Oxley.
Formerly known as SOXAlerts, our Governance Alerts are published as new regulations and information is released from the Securities and Exchange Commission and Public Company Accounting Oversight Board.
Our most recent issues include:
On October 2, 2009, the SEC issued a final extension to June 15, 2010, for non-accelerated filers to comply with SOX 404(b) and urges public companies and their auditors not to wait to begin compliance efforts. In an SEC press release, Chairman Mary L. Schapiro said, “Since there will be no further Commission extensions, it is important for all public companies and their auditors to act with deliberate speed to move toward full Section 404 compliance.”
On Wednesday, December 12th, the U.S. House of Representatives’ Small Business Committee held a hearing titled “Sarbanes-Oxley Section 404: New Evidence on the Costs for Small Businesses.” In testimony before the committee, Securities and Exchange Commission (SEC) Chairman Christopher Cox announced his intentions to propose another one-year delay in the effective date for non-accelerated filers.
On May 23rd the SEC approved guidance for management to use in evaluating internal controls over financial reporting (ICFR). The next day, May 24th, the PCAOB adopted Auditing Standard No. 5 (AS5) which replaces Auditing Standard No. 2 (AS2). This Alert outlines objectives of the SEC guidance and discusses the impact of the PCAOB's revised auditing standards.
In late December 2006, the SEC and the PCAOB issued proposed guidance for companies and auditors, respectively, regarding the evaluation and audit of internal control over financial reporting (ICFR). This Governance Alert provides a brief overview of the more significant components of each proposal, and includes attachments that summarize each proposal.
