October 24, 2006
SOX needs "fine-tuning" says Bush
In an endorsement of the Sarbanes-Oxley Act of 2002, President George Bush came out yesterday indicating that his administration supports "fine-tuning" the law but "not rolling it back".
This an important comment based on the constant saga of whining about SOX. Yesterday also brought out a Request for Proposal from COSO to develop a framework for small companies to evaluate and manage internal controls over financial reporting.
The COSO RFP was in response to SEC Commissioner Cox's statements earlier this month concerning help for management and small companies to evaluate their internal controls effectively and not using the onerous Audit Standard #2 from the PCAOB.
President Bush indicated that it was important for investors to be able to rely on financial statements and that financial malfeasance would not be tolerated.
You go George! How can anyone say that SOX has not been a huge awakening? Where there have been restatements and trials of former Enron executives, there is truth and worth in the legislation.
Small companies will need work to comply. But they too took the public's money so they too should comply with SOX. If not, then delist. That is an option.
If your company is public in the US or Canada and wants to comply with Sarbanes-Oxley or MI 52-109 cost effectively, see www.issuescentral.com to learn more about Compliance Playbook(tm). For companies based in Canada listed on Canadian or US exchanges, see www.compliancepartner.ca to learn more about Compliance Partner(tm).
This an important comment based on the constant saga of whining about SOX. Yesterday also brought out a Request for Proposal from COSO to develop a framework for small companies to evaluate and manage internal controls over financial reporting.
The COSO RFP was in response to SEC Commissioner Cox's statements earlier this month concerning help for management and small companies to evaluate their internal controls effectively and not using the onerous Audit Standard #2 from the PCAOB.
President Bush indicated that it was important for investors to be able to rely on financial statements and that financial malfeasance would not be tolerated.
You go George! How can anyone say that SOX has not been a huge awakening? Where there have been restatements and trials of former Enron executives, there is truth and worth in the legislation.
Small companies will need work to comply. But they too took the public's money so they too should comply with SOX. If not, then delist. That is an option.
If your company is public in the US or Canada and wants to comply with Sarbanes-Oxley or MI 52-109 cost effectively, see www.issuescentral.com to learn more about Compliance Playbook(tm). For companies based in Canada listed on Canadian or US exchanges, see www.compliancepartner.ca to learn more about Compliance Partner(tm).
