Abstracts » Business

Sarbox hell

Article Abstract:

James Smith, a senior executive for a US company that has lost half its share value because of the Sarbanes-Oxley Act, states that a $750,000 transaction by his company was booked as revenue instead of deferred revenue which cost the CFO his job and put the company under investigation by the US Securities and Exchange Commission (SEC). This took its toll on the company and also on personal reputations and health, as the effects of an investigation is enormously debilitating.

United States, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Reporting & Disclosure, Financial Regulation & Reporting, High technology industry, Company legal issue, Investigations, United States. Securities and Exchange Commission, Financial disclosure, Accounting fraud, Smith, James (Senior executive)

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Deja vu

Article Abstract:

The Federation of European Accountants (FEE) conference in October 2006 discussed the creation of public oversight bodies, the adoption of International Standards on Auditing (ISAs), and the issue of auditor liability. However, several commentators were worried that the implementation of the European Union Statutory Audit Directive and adoption of ISAs would suffer from the same problems as introducing International Financial Reporting Standards (IFRS) in 2005.

United Kingdom, Product standards, safety, & recalls, Management dynamics, Financial Corporations, Standards, Management, Auditing, European Union, Financial institutions, Company business management, Auditors

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