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Thu Sep 15, 2005
EDSA Announces Sarbanes-Oxley's Impact on Retirement Plans
A string of corporate scandals heavily damaged the financial arena in the early part of the century, causing confidence in the stock market to plummet. In an effort to restore investors' trust in Wall Street, Congress passed the Sarbanes-Oxley Act (SOX) in 2002. The EDSA Group, Inc. recognizes the impact this legislation has on retirement plans.
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Thu Aug 11, 2005
Sarbanes-Oxley Act is ''More of a Net Gain to Investors'' Than a Net Loss
Three years after the Sarbanes-Oxley Act was signed into law on July 30, 2002, amid harsh criticism from the business community, more financial executives now perceive the Act as a net gain overall for investors, as opposed to a net loss. The narrow majority - 44 percent versus 43 percent - was revealed in a survey by business software company Approva(R) Corporation that suggests a gradual turnaround in the business community's perception of the controversial legislation.
An overwhelming majority of senior financial managers (87 percent) also cited Sarbanes-Oxley as a "top priority" for their company boards. "It is extremely important and lets our stakeholders know that we are committed to making sure we are financially sound," reported an executive at a large utility, one of 200 financial executives who responded to the survey. >>>
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SOX Institute launches training road show in 14 cities across North America
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In keeping with its mission to champion Sarbanes-Oxley knowledge, expertise, professionalism and ethics, the SOX Institute announced the launch of its free SOX training road show coming to cities across North America this fall. Included are complimentary SOX Group memberships, self-study programs, professional certifications, all-day seminars, and CPE, PDU, CEU and PEU continuing education credits, all free with the purchase of any of its SOX training workshops. >>>
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Tue Aug 17, 2004
Sarbanes-Oxley Compliance ‘Serious Challenge’ For Some Small, Medium-Sized Businesses
As the November 15 deadline looms for Section 404 of the Sarbanes-Oxley (SOX) Act, many publicly-held small to medium-sized businesses (SMBs) are scrambling to prove they have established internal financial controls, stated the Information Technology Solution Providers Alliance (ITSPA), a national, non-profit alliance that helps SMBs understand how technology and local technology providers can help them succeed.
“Compliance with SOX Section 404 is a serious challenge for publicly-traded SMBs,” said ITSPA Chairman Andrew Levi. “ITSPA research indicates SMBs have added budget and staff as they rush to meet stiff compliance requirements this year. Organization challenges, such as creating company-wide compliance programs and making sure everyone is on the same page, have also added hidden costs.”
In basic terms, SOX Section 404 requires management of registered companies to prove their firms have established—and maintained—internal controls over financial reporting. SMBs with a market capitalization of more than $75 million must comply by November 15, and companies under this level have until July 15, 2005.
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Tue Aug 03, 2004
Upcoming SOX deadlines and how they relate to email and document retention strategies
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On Monday, August 9, Mike Gundling from iLumin will join Carl Metzger and Mark Bettencourt, attorneys from Testa, Hurwitz and Thibeault, and Peter Gerr, regulatory compliance analyst from Enterprise Strategy Group, to discuss the upcoming SOX deadlines and how they relate to email and document retention strategies. The event is scheduled for 11:30 a.m. eastern time, and interested media can participate by calling Keith Giannini at Schwartz Communications at 781-684-0770. >>>
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Wed Jul 14, 2004
U.S Corporations Struggling to Meet First Sarbanes-Oxley Filing Deadline
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67 Percent of Companies Taking Short-Term Approach to SOX Compliance, Despite Recognizing the Need for Continuous Auditing and Monitoring, According to New Survey Data >>>
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Wed Jul 07, 2004
Answerthink Launches Sarbanes-Oxley Compliance Service
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MIAMI, FL, July 7, 2004 - Answerthink, Inc. (Nasdaq: ANSR) today announced a Sarbanes-Oxley Compliance Service designed to help companies meet the internal control requirements of Sarbanes-Oxley and concurrently improve business performance through the use of proven best practices from The Hackett Group, a business advisory firm and an Answerthink company. >>>
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Tue May 25, 2004
Sarbanes-Oxley Requirements Remain a Wild Card for Outsourcers
A number of U.S. companies may postpone efforts to outsource business and IT processes because of uncertainty about the impact of Sarbanes-Oxley (SOX) on third-party relationships, according to META Group (Nasdaq:METG).
"Outsourced organizations will be held just as accountable for SOX compliance as those managed internally, but regulators have not yet clarified how outsourcers will be required to demonstrate compliance," said Stan Lepeak, vice president with Professional Services Strategies at META Group. "Companies negotiating business and IT outsourcing deals must consider the impact SOX can have on these arrangements and plan accordingly, and in some cases it may make more sense to wait."
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Tue May 11, 2004
Sarbanes-Oxley: The Pain Ahead
Compliance with Sarbanes-Oxley section 404 has been far more burdensome than anyone expected – so much so that the United States government has extended the deadline twice. The good news is that most companies either are in compliance (even if they do not have a formal auditor sign-off) or will be when the rule kicks in for calendar year filers at the end of 2004. The bad news is that the ongoing burden of 404 compliance will continue. Some companies (maybe 10-20%) will have either “material weakness” or a “significant deficiency” noted by their auditor. Ventana Research expects at least half of these companies will restructure their control processes within the first two years to make them more efficient. We advise companies to begin assessing the changes they must make in their IT assets to fully support changes in the financial controls environment.
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