Hints and tips:
...Stephen Oxley has joined as managing director for continental Europe and Middle East client coverage, a London-based role. He joins from Paamco Prisma....
...Reporting by Nicole Bullock, Dan McCrum, Philip Stafford, David Sheppard, Anjli Raval, Jennifer Hughes and Leo Lewis...
...The US Congress responded by passing the the Sarbanes-Oxley corporate reform legislation and created the Public Company Accounting Oversight Board....
...Activity in the US was weakened by the slowing economy and the switch to “AS5”, an auditing regulation that eased the compliance burden imposed by the post-Enron Sarbanes-Oxley regulations, but cut accountants...
...The US regulatory system also presents its own wrinkles in the form of Sarbanes-Oxley, the corporate governance reforms brought in in the wake of the scandals at Enron and WorldCom....
...It made the London markets less attractive in the way Sarbanes-Oxley made US markets less attractive, he added....
...US companies face another burden in that they need to comply with the requirements of Sarbanes Oxley, work their European counterparts did not have to do....
...change will involve high one-off costs and much company time – when there is already a groundswell of feeling, both corporate and public, against the sort of all-consuming regulation represented by Sarbanes-Oxley...
...sharp rise in audit fees since 2002 has so far been largely attributed to the effects of new regulation such as the switch to international accounting standards and the introduction in the US of Sarbanes-Oxley...
...Mr Broadley, who steps down in May after eight years in the FD role, comments: “There’s the regulatory burden, such as Sarbanes-Oxley....
...jennifer.hughes@ft.com...
...2003 audit of California-based Ligand Pharmaceuticals, a biotech company, was the result of an investigation by the Public Company Accounting Oversight Board, the regulator set up as part of the Sarbanes-Oxley...
...The SEC also hopes that, together with a reform to the implementation of the Sarbanes-Oxley law, it will also boost the attractiveness of the US capital markets by cutting compliance costs....
...Many also had to comply with Sarbanes-Oxley regulations in the US for the first time last year....
...hampered by regulatory scrutiny and rules over which non-audit services they can provide to their audit clients, the businesses saw a boost from the extra work created by the implementation of Sarbanes-Oxley...
...Legislation to overhaul the regulation of the industry is expected soon from the House Financial Services Committee, following a pledge last month by committee chair Michael Oxley....
...The Sarbanes-Oxley Act implores corporate executives to investigate thoroughly the adequacy and accuracy of financial reports and requires chief executives and chief financial officers to attach their signatures...
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