Word: oxley
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...families became too hot. Yet any political damage, argues a senior Administration official, is "totally overwhelmed by the fact of her testifying." Bush is allowing another commission to investigate prewar intelligence on Iraq, which he had also opposed; wooing the U.N., which he had derided; and signed the Sarbanes-Oxley corporate-reform bill, which he had resisted. In each case he ended up where a majority of the public sits...
...tables have turned. Strengthened and emboldened by the Sarbanes-Oxley Act, which overhauled accounting responsibilities, the bean counters have taken off their kid gloves and snapped on rubber ones. With their federally issued mandate to look for trouble, accountants no longer have to take a company's word that its audit policies are legit. The accountants have the power to challenge corporate ledgers with impunity--and they're raking in money doing so. "Auditors and audit committees are now in the catbird seat," says Harvard Business School professor Jay Lorsch. Companies no longer feel free to dump their auditors...
...change in the relationship is largely because of Sarbanes-Oxley, known in the trade as Sox or Sarbox. The 2002 law stiffens accountants' spines in part because it places them under a new federal watchdog agency that will soon start spot-checking their work. That agency, the Public Company Accounting Oversight Board, also has an industry moniker--Peek-a-Boo--and recently issued a stricter set of rules detailing how auditors should evaluate internal controls. Companies must test these controls regularly, and such tests must be conducted by a firm different from the company's outside auditor, to avoid conflicts...
...notion of Congress creating laws that tell them how to do their arcane jobs. Yet three of the most significant laws of the past 10 years--the Health Insurance Portability and Accountability Act (1996), the Gramm-Leach-Bliley financial-modernization law (1999) and last year's Sarbanes-Oxley corporate-reform act--all have mandates to protect and secure data. Still needed, Geer argued, are laws that hold companies liable for holes in their security that make us vulnerable to attacks from elsewhere. Responsibility for passive negligence "might be better than, God help us, the U.S. Senate imposing an argument about...
...There certainly is rivalry, but there is no bad feeling between the two groups,” says Paul Oxley, one of two Harvard graduate students who worked in the Geneva lab. “They do their experiments within 20 feet...