Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
UPS going private again.....
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="Dfigtree" data-source="post: 174198" data-attributes="member: 5050"><p>" Why not? Its the latest trend since Sarbanes-Oxley passed." </p><p>Just Lurking, can you explain the SOX connection to this thread?</p><p></p><p></p><p><strong>Sarbanes-Oxley Provisions</strong></p><p></p><p>The Sarbanes-Oxley Act's major provisions include the following:</p><ul> <li data-xf-list-type="ul">Creation of the <a href="http://en.wikipedia.org/wiki/Public_Company_Accounting_Oversight_Board" target="_blank">Public Company Accounting Oversight Board</a> (PCAOB)</li> <li data-xf-list-type="ul">A requirement that public companies evaluate and disclose the effectiveness of their internal controls as they relate to financial reporting, and that independent auditors for such companies "attest" (i.e., agree, or qualify) to such disclosure</li> <li data-xf-list-type="ul">Certification of <a href="http://en.wikipedia.org/wiki/Financial_statements" target="_blank">financial reports</a> by <a href="http://en.wikipedia.org/wiki/Chief_executive_officer" target="_blank">chief executive officers</a> and <a href="http://en.wikipedia.org/wiki/Chief_financial_officer" target="_blank">chief financial officers</a></li> <li data-xf-list-type="ul">Auditor independence, including outright bans on certain types of work for audit clients and pre-certification by the company's <a href="http://en.wikipedia.org/wiki/Audit_committee" target="_blank">Audit Committee</a> of all other non-audit work</li> <li data-xf-list-type="ul">A requirement that companies listed on stock exchanges have fully independent audit committees that oversee the relationship between the company and its auditor</li> <li data-xf-list-type="ul">Ban on most personal loans to any executive officer or director</li> <li data-xf-list-type="ul">Accelerated reporting of <a href="http://en.wikipedia.org/wiki/Insider_trading" target="_blank">insider trading</a></li> <li data-xf-list-type="ul">Prohibition on insider trades during <a href="http://en.wikipedia.org/wiki/Pension" target="_blank">pension fund</a> blackout periods</li> <li data-xf-list-type="ul">Additional disclosure</li> <li data-xf-list-type="ul">Enhanced criminal and civil penalties for violations of <a href="http://en.wikipedia.org/wiki/United_States_securities_law" target="_blank">securities law</a></li> <li data-xf-list-type="ul">Significantly longer maximum jail sentences and larger fines for corporate executives who knowingly and willfully misstate <a href="http://en.wikipedia.org/wiki/Financial_statements" target="_blank">financial statements</a>, although maximum sentences are largely irrelevant because judges generally follow the <a href="http://en.wikipedia.org/wiki/Federal_Sentencing_Guidelines" target="_blank">Federal Sentencing Guidelines</a> in setting actual sentences</li> <li data-xf-list-type="ul">Employee protections allowing those corporate fraud <a href="http://en.wikipedia.org/wiki/Whistleblower" target="_blank">whistleblowers</a> who file complaints with <a href="http://en.wikipedia.org/wiki/Occupational_Safety_and_Health_Administration" target="_blank">OSHA</a> within 90 days to win reinstatement, back pay and benefits, compensatory damages, abatement orders, and reasonable attorney fees and costs.</li> </ul></blockquote><p></p>
[QUOTE="Dfigtree, post: 174198, member: 5050"] " Why not? Its the latest trend since Sarbanes-Oxley passed." Just Lurking, can you explain the SOX connection to this thread? [B]Sarbanes-Oxley Provisions[/B] The Sarbanes-Oxley Act's major provisions include the following: [LIST] [*]Creation of the [URL='http://en.wikipedia.org/wiki/Public_Company_Accounting_Oversight_Board']Public Company Accounting Oversight Board[/URL] (PCAOB) [*]A requirement that public companies evaluate and disclose the effectiveness of their internal controls as they relate to financial reporting, and that independent auditors for such companies "attest" (i.e., agree, or qualify) to such disclosure [*]Certification of [URL='http://en.wikipedia.org/wiki/Financial_statements']financial reports[/URL] by [URL='http://en.wikipedia.org/wiki/Chief_executive_officer']chief executive officers[/URL] and [URL='http://en.wikipedia.org/wiki/Chief_financial_officer']chief financial officers[/URL] [*]Auditor independence, including outright bans on certain types of work for audit clients and pre-certification by the company's [URL='http://en.wikipedia.org/wiki/Audit_committee']Audit Committee[/URL] of all other non-audit work [*]A requirement that companies listed on stock exchanges have fully independent audit committees that oversee the relationship between the company and its auditor [*]Ban on most personal loans to any executive officer or director [*]Accelerated reporting of [URL='http://en.wikipedia.org/wiki/Insider_trading']insider trading[/URL] [*]Prohibition on insider trades during [URL='http://en.wikipedia.org/wiki/Pension']pension fund[/URL] blackout periods [*]Additional disclosure [*]Enhanced criminal and civil penalties for violations of [URL='http://en.wikipedia.org/wiki/United_States_securities_law']securities law[/URL] [*]Significantly longer maximum jail sentences and larger fines for corporate executives who knowingly and willfully misstate [URL='http://en.wikipedia.org/wiki/Financial_statements']financial statements[/URL], although maximum sentences are largely irrelevant because judges generally follow the [URL='http://en.wikipedia.org/wiki/Federal_Sentencing_Guidelines']Federal Sentencing Guidelines[/URL] in setting actual sentences [*]Employee protections allowing those corporate fraud [URL='http://en.wikipedia.org/wiki/Whistleblower']whistleblowers[/URL] who file complaints with [URL='http://en.wikipedia.org/wiki/Occupational_Safety_and_Health_Administration']OSHA[/URL] within 90 days to win reinstatement, back pay and benefits, compensatory damages, abatement orders, and reasonable attorney fees and costs. [/LIST] [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
UPS going private again.....
Top