December 22, 2004
Sarbanes-Oxley a Top Ten Concern for 2005
FEI (Financial Exectives International) has published a list of the top ten concerns for 2005. You guessed it: Sarbanes-Oxley is number two on their list. Even more interesting is that most of the other items on the list are indirectly covered by Sarbanes-Oxley as well.
See an excerpt of the article here:
"FEI Outlines Top Ten Financial Reporting Challenges for 2005-- Financial Executives International has identified the top 10 financial reporting challenges for 2005. These challenges will impact the way companies manage their businesses, report their financial results, and compensate their employees. The challenges include:
1. Stock option expensing. The Financial Accounting Standards Board
(FASB) has mandated that all stock compensation be expensed beginning
June 30, 2005 for most public companies. Smaller public companies and
private firms have until the first annual reporting period after Dec.
15, 2005.
2. Complying with Sarbanes Oxley Section 404. The requirement for
reporting on internal controls is already in place for accelerated SEC
filers with years ending after November 15, 2004, but during 2005 all
companies have to comply. Increasingly, lenders and state regulators
are asking private companies about the status of their internal
controls environment. Private companies may also see audit procedures
used by their external auditor become more "integrated" with internal
controls as the audit firms change their procedures."
For the complete article, click here.
When your company needs a more effective and rapid compliance tool, check out www.issuescentral.com or call (416) 977-1496 and learn more about Sarbanes-Oxley Compliance Playbook(tm).
See an excerpt of the article here:
"FEI Outlines Top Ten Financial Reporting Challenges for 2005-- Financial Executives International has identified the top 10 financial reporting challenges for 2005. These challenges will impact the way companies manage their businesses, report their financial results, and compensate their employees. The challenges include:
1. Stock option expensing. The Financial Accounting Standards Board
(FASB) has mandated that all stock compensation be expensed beginning
June 30, 2005 for most public companies. Smaller public companies and
private firms have until the first annual reporting period after Dec.
15, 2005.
2. Complying with Sarbanes Oxley Section 404. The requirement for
reporting on internal controls is already in place for accelerated SEC
filers with years ending after November 15, 2004, but during 2005 all
companies have to comply. Increasingly, lenders and state regulators
are asking private companies about the status of their internal
controls environment. Private companies may also see audit procedures
used by their external auditor become more "integrated" with internal
controls as the audit firms change their procedures."
For the complete article, click here.
When your company needs a more effective and rapid compliance tool, check out www.issuescentral.com or call (416) 977-1496 and learn more about Sarbanes-Oxley Compliance Playbook(tm).
