Public Company Accounting Reform and Investor Protection Act

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New Year 2010 on Ulitzer In an effort to save a lot of pain and suffering for those people who don’t want to read an incredibly long blog post, I have a nice little summary table.  The predictions run the gamut of my personal and professional interests, so they may not be 100% interesting to all people. 99% of All Decade Lists That Come This Year Will Be Wrong Twitter Will Become A Footnote Real Time Has Had It’s Time Interest Rates Will Begin To Rise Housing Prices Being To Stall And Then Fall Jorge Lorenzo Will Win MotoGP World Championship Netbook Market Disappears Apple’s Disdain For Developers Will Reach A Tipping Point ChromeOS Proves To Be Another Of Google’s Failures The Final Season Of Lost Will Not Be Seen Foundations For The Repeal Of Sarb-Ox The Venture Business, As We Know It, Is Dead Oil Trading Draws Legislative Scrutiny Windows Mobile 7 Will Impress ... (more)

Sarbanes-Oxley: The New Rising Star

Ineffectual corporate management has given a great gift to programmers, system administrators, and CIOs - endless corporate accounting scandals. Our federal government has not missed this scandalous behavior as they have passed an extraordinarily strong, far-reaching law to contend with financial fraud. Officially it's called the Public Company Accounting Reform and Investor Protection Act, but it's more commonly know as the Sarbanes-Oxley Act. The Sarbanes-Oxley Act is a very special piece of legislation designed to keep corporate managers honest. The Act awards dishonesty with a 10- or 20-year prison sentence for CEOs and CFOs. In addition, it has a provision for taking any and all ill-gotten gains from the dishonest executive. There are approximately 14,000 publicly traded companies in the United States, with just about 7,400 of them traded on the New York, the ... (more)

Sarbanes-Oxley and Web Services

This article makes the case that Web services provide a significant benefit to Sarbanes-Oxley compliance projects, and that they will therefore be used extensively on these projects. We begin with a very brief primer on the Sarbanes-Oxley Act, then describe the connection between SOX and Web services, including an outline of how most Sarbanes-Oxley projects are conducted, and where Web services fit in. Finally, I offer some specific actions you can take today to get yourself ready for Sarbanes-Oxley A Sarbanes-Oxley Primer The Sarbanes-Oxley Act of 2002, which applies to all companies traded on U.S. stock exchanges, was enacted into law in response to financial scandals such as Enron, MCI, and others. The law puts into place tough requirements and penalties to ensure that companies' financial statements accurately represent their business position. There are numerous... (more)

A Storage Management Perspective on Sarbanes Oxley

Mention storage in the same breath as Sarbanes Oxley and the immediate reaction of senior management might be to hide the checkbook. Invariably a vendor is making a pitch on how the latest, and greatest, WORM-enabled, opto-magnetic, network replicated gizmo is going to solve all of their problems. SOX has become the latest in a line of vehicles to which vendors have hitched their wagons in order to sell more gear (remember the Y2K buying frenzy?). The sad truth of the matter is that you could have the greatest technology in the world and still miserably fail a compliance audit. The Storage Manager's Dilemma Don't get me wrong - vendors are not solely to blame. To quote that great American philosopher Pogo, "We have met the enemy and he is us." Many organizations procrastinated before giving serious consideration to SOX, particularly to Section 404's compliance requir... (more)

IT Security - "Sarbanes-Oxley Will Be a Huge Driver," Says Sun Exec

Speaking in the week that Sun announced that Wal-Mart will now sell hardware from Microtel Computer Systems Inc. preloaded with the Linux-based Java Desktop System, Sun's Jonathan Schwartz reminded reporters of the importance of the Sarbanes-Oxley Act. Officially called the Public Company Accounting Reform and Investor Protection Act, but more commonly know as "Sarbanes-Oxley," the Act makes it legally binding for a public company to funnel its data - accounting, financial management, and legal data - through information technology. This opens issues as to the completeness and accuracy of every code fragment and algorithm embedded in any project, which in turn makes the issue of identity management crucial. The Java Desktop System has a strict security system of root access control. "Sarbanes-Oxley will be a huge driver," said Schwartz, "as viruses and Sarbanes-Ox... (more)

Social Media on Ulitzer - Strategy Nets New AUM for RIA

Social Media on Ulitzer RIAbiz.com recently discussed the findings of an August 24-25, 2009 Investment News survey conducted on the Twitter habits of the financial-advisory community.  Not surprisingly the survey reveals that "a mere 14.9% of financial advisers say they communicate with clients or colleagues through Twitter.  Meanwhile, only 44.9% and 43.8% of advisers say they use LinkedIn and Facebook, respectively, the survey found". Have RIAbiz.com and Investment News missed the point?  It's not about Twitter, Facebook or LinkedIn!  It's about communicating with one's customers and clients utilizing ALL the tools available! So, what's my point? Practical, functional, and sensible go a long way to enhancing the relationships financial advisors are trying to create between themselves and their customers and clients, with or without social media tools.  Social me... (more)

Sarbanes-Oxley Will Change Your Life

This column may require a little patience on your part, but I think it will be worth it in the end. Let's start with a simple premise: within a year, nearly everyone reading these words will be deeply impacted by Sarbanes-Oxley, yet many have never heard of it. The purpose of this note is to offer you a preview of what's to come. In other words, a wake-up call. First of all, who or what is Sarbanes-Oxley? Simply put, the Sarbanes-Oxley Act (SOA) is the federal law that was put in place last year in response to the scandals at Enron, MCI, and other large public corporations. The law contains a wide variety of provisions around improving corporate ethical behavior, including assurances that companies' financial statements accurately reflect the state of their business. And it puts teeth into those provisions with heavy fines and prison for senior executives if their ... (more)

The Rise of the Thin Client

Imagine there was a technology that could solve some of the top issues for IT managers of large companies: managing a large fleet of users' devices, with all the associated maintenance tasks, and maintaining the security and integrity of devices by preventing malicious software installation. Now imagine this solution also provided unparalleled energy efficiency. Thin computing is the answer. Thin clients are basic computer systems that work with a server to process applications and store data through virtualization - almost all of the actual computing occurs on the server, and most of the software is installed and managed virtually by an IT manager. Many clients can run the same applications on a shared sever, which finds its best usage among workers in massive buildings, with a lot of turnover, where many employees will use the same fundamental programs repeatedly... (more)

Implementing Sarbanes-Oxley

The passage of the Sarbanes-Oxley Act of 2002 (SOX) marks a new era of accountability for corporate officers. Signed into law by President Bush in response to corporate accounting scandals, it is a major concern and top priority for the CEOs, CFOs, boards of directors, and audit committees of public companies, as well as for auditors, accountants, attorneys and regulatory governing bodies. Starting in 2004 (2005 for smaller companies), the financial reports of publicly traded companies in the United States must begin to comply with the financial disclosure requirements of this Act. One of the major areas of concern is Section 404, Management Assessment Of Internal Controls, which requires companies to include in their annual report "an internal control report, which shall: (1) State the responsibility of management for establishing and maintaining an adequate interna... (more)

Sarbanes-Oxley: The New Rising Star

Ineffectual corporate management has given a great gift to programmers, system administrators, and CIOs - endless corporate accounting scandals. Our federal government has not missed this scandalous behavior, as they have passed an extraordinarily strong, far-reaching law to contend with financial fraud. Officially it's called the Public Company Accounting Reform and Investor Protection Act, but it's more commonly known as the Sarbanes-Oxley Act. Designed to keep corporate managers honest, the Sarbanes-Oxley Act rewards dishonesty with a 10- or 20-year prison sentence for CEOs and CFOs. It also has a provision for taking any and all ill-gotten gains from a dishonest executive. There are approximately 14,000 publicly traded companies in the U.S. Recently, the Securities and Exchange Commission (SEC) charged Jeffrey Skilling, the former president and CEO of Enron, w... (more)

Open Source Compliance: Getting Started Guide

This article discusses Open Source compliance and the challenges faced when establishing a compliance program, provides an overview of best practices, and offers recommendations on how to deal with compliance inquiries. Introduction Traditionally, platforms and software stacks were built using proprietary software and consisted of various software building blocks that came from different companies with negotiated licensing terms. The business environment was predictable and potential risks were mitigated through license and contract negotiations with the software vendors. In time, companies started to incorporate Open Source software in their platforms for the different advantages it offers (technical merit, time-to-market, access to source code, customization, etc). With the introduction of Open Source software to what once were pure proprietary software stacks, the... (more)