NewsCloud.com Compliance News

Average 2007 SOX compliance bill: $1.7 Million

Average compliance with Sarbanes-Oxley has now hit $1.7 million for big companies with average annual revenues of $4.7 billion. And while compliance costs are actually slipping, that hasn't stopped auditors from cashing in big time.

Compliance costs grow faster than income

New evidence showing that compliance spending is rising faster than net income for financial institutions.

Daimler's new compliance officer

Daimler, which has been embroiled in bribery scandals, has now appointed a chief compliance officer.

Learning the Sarbox ropes

More signs that companies are learning the ropes of Sarbanes-Oxley with fewer reporting material weaknesses and making restatements. That means it s less likely to get overhauled.

Top 5 email compliance mistakes

Here are the top five email compliance mistakes: mistakenly assuming you can destroy the documents after the retention period ends, not including all email as a compliance asset, assuming it will be expensive, over-categorizing and making compliance a business goal.

Compliance confusion

No secret that compliance spending has been heading north since Sarbanes-Oxley and Basel II. But is it doing any good? Not according to a study which reveals that only a fraction of CIOs feel their network tools are sufficient to cope with the regulations, track a security breach or monitor prohibited network use.

SOX compliance down but costs up

Sarbanes-Oxley compliance costs might have levelled off but other costs are increasing at a fierce rate. Costs have gone up because of increases in audit and legal fees and a need to pay corporate directors more.

SOX compliance: time's up for small companies

The Securities and Exchange Commission looks like holding firm to its December 15 deadline for small public companies to comply with Section 404 of Sarbanes-Oxley. But the jury is still out on whether changes announced by the SEC will cut costs for small business.

Compliance costs down but more work to be done

A new survey from Financial Executives International show that costs of compliance with Section 404 of Sarbanes-Oxley are down 23 per cent from last year. But look carefully at the numbers and you can see that Sarbanes-Oxley is still hurting business. Still, the numbers say it protects investors.

Execuholes, flufferpoint and other data analysis nightmares

Analycide (death by navel-gazing), cackulating (the process of producing laughable statistics), and execuhole (a senior manager who requests analysis and reporting but doesn't appear to read, comprehend or otherwise absorb the information) are just some of the new compliance buzzwords.

Codes of unethics

Most codes of ethics aren t worth the paper they re written on, according to a new study.

Compliance spending heading north

Costs of complying with the 2002 Sarbanes-Oxley financial and accounting disclosure law are leveling off, but overall compliance costs are heading north. And contrary to expectations that SOX spending would taper off, it s now locked in at 20 per cent of overall compliance spending of $30 billion.

Wall Street more likely to dodge compliance

Employees on Wall Street are much more aware of the regulatory compliance culture and electronic monitoring of their email than their counterparts in London. But they are also more likely than their English colleagues to try and get around the controls.