March 18, 2005
Unforeseen Impact of Section 404 on CFOs
Share price for problems in publicly held companys' internal controls are not taking the hit but the CFO certainly is. CFO turnover is increasing dramatically. They are definitely in the hot seat and they are an easy target. Remember folks, the CEO also has responsibility for internal controls.
An excerpt shown here:
"Corporate Executive Board ... announced their research reveals that Sarbanes Oxley Section 404 legislation is causing many more companies to miss deadlines for filing their financial reports; with nearly 300 companies indicating that they cannot file their 10-Ks with the SEC on time (versus only 70 last year). Additionally, the finding of a material weakness in a company's control structure is having a significant impact on CFO turnover, not on company share price."
To take the pressure off of your Sarbanes-Oxley project, see www.issuescentral.com to learn more about Sarbanes-Oxley Compliance Playbook(tm).
An excerpt shown here:
"Corporate Executive Board ... announced their research reveals that Sarbanes Oxley Section 404 legislation is causing many more companies to miss deadlines for filing their financial reports; with nearly 300 companies indicating that they cannot file their 10-Ks with the SEC on time (versus only 70 last year). Additionally, the finding of a material weakness in a company's control structure is having a significant impact on CFO turnover, not on company share price."
To take the pressure off of your Sarbanes-Oxley project, see www.issuescentral.com to learn more about Sarbanes-Oxley Compliance Playbook(tm).
