AS5 news from FierceSarbox

A new study from Financial Executives International has found a steep drop in the costs of Sarbanes-Oxley Section 404 compliance. The average cost was $1.7 million during fiscal 2007. It's hard to Read more...

A new survey from Compliance Week has found that many companies have been paring back a number of key controls significantly. Almost 15 percent say they have cut key controls by 60 to 80 percent, Read more...

The presidential campaign is already heated, but not because of Sarbanes-Oxley; that has failed miserably to even spark interest as a campaign issue. In fact, the term has rarely, if ever, has come Read more...

The worst job in the industry right now: Auditing the books of top banks, the likes of Citigroup and JP Morgan Chase. The stakes are really high. The New York Post notes that little-known law, passed Read more...

Most of the talk about AS5 has noted the many hoped-for benefits, a streamlined, less confused approach. But there is an obvious litmus test: audit fees. One would expect a fairly dramatic decline. Read more...

Blue ribbon-type committees are usually formed in the wake of some perceived crisis, like the nation's financial competitiveness. Sarbanes Oxley has been one reason for the spate of committees that Read more...

We've spoken a bit about the need to make sure your people are trained on all the new compliance nuances. And there are many. The more training mantra is gripping tight is KPMG, which is proud of its Read more...

The fact that AS5 does not require management "attestation" about management's controls until the Read more...

Jack Ciesielski, who publishes The Analyst's Accounting Observer, found this comment by Chris Cox on AS5 intriguing: "The SEC and the PCAOB expect a change in the behavior of the individuals Read more...

One of the big complaints about AS2 was about the way it defined materiality. It's "more than a remote likelihood that a material misstatement of the financial statements will not be prevented or Read more...