Sponsored by International Quality and Productivity Center Conference on THE CHANGING ROLE OF THE INTERNAL AUDITOR March 31-April 2, 2003 * Georgian Terrace Hotel * Atlanta, GA
<See Details at the end of this email> Seats are limited so sign up now at www.iqpc.com! *************************************** Repealed? Not many that I am aware of, but it sure does not mean that it could not be modified, reduced, changed etc. And in my youth, my grandfather used to tell me that you could not legislate morality, which is what we are trying to do. It just won't work. What are we seeing for results? A lot of people leaving boards or refusing to join because they don't want the risk. And I am sorry, but weren't the CEO's and CFO's already responsible for what was done and reported? Don't the laws, just specify a penalty for what they already were responsible for? I just spent a day in class going over what was expected from us and when all was said and done, it looked like all we were going to have were ISO 9000 certified companies, with an extra boiler plate form in the annual report. Just my humble opinion. Bob Connors IT Audit Specialist -----Original Message----- From: George Matyjewicz To: [EMAIL PROTECTED] Sent: 3/1/03 12:28 PM Subject: RE: HR Speaking Opportunity Sponsored by International Quality and Productivity Center Conference on THE CHANGING ROLE OF THE INTERNAL AUDITOR March 31-April 2, 2003 * Georgian Terrace Hotel * Atlanta, GA <See Details at the end of this email> Seats are limited so sign up now at www.iqpc.com! *************************************** At 10:38 AM 3/1/2003 -0500, [EMAIL PROTECTED] wrote: >Before you start going over board on SOX you may just want to read this >article, ><http://www.electronicaccountant.com/ElectronicAccountant/index.cfm?txt Fuse=dspShellContent&fuseAction=DISPLAY&numContentID=21271&numSiteID=4&n umTaxonomyTypeID=11&numTaxonomyID=179> >There seems to be the start of a backlash against the bill that was >initiated, designed, written and signed in haste, JUST to show the public >that the government was doing something in response to the Enrons of the >world. It is about time someone realized just how poorly conceived it was. Have you ever heard of a law that was repealed because of haste (except for Prohibition of course ;-)? Isn't SOX really Turnbull with a twist (jail term)? In fact the Institute of Chartered Accountants in England & Wales sent a letter of comment in response to the SEC's consultation document entitled "Disclosure required by Sections 404, 406 and 407 of the Sarbanes-Oxley Act 2002". In it they say that the Institute has been closely involved with developments in corporate governance and internal control in the UK for over ten years (their Cadbury report). It's a lengthy paper, but may be a good read. http://www.sec.gov/rules/proposed/s74002/rhodgkinson1.htm Many of our colleagues in the UK are looking at some of the aspects of SOX in a positive light. They experienced a crisis of confidence in financial reporting following corporate scandals in the late 1980s and early 1990s. That ultimately led to the publication in 1992 of the highly respected `Report of the Committee on the Financial Aspects of Corporate Governance' (the Cadbury Report). Hence, they strongly support the goal of improving the quality of financial reporting. IMHO, if anything, there will be a "new & improved" version of SOX, perhaps Turnbull/Cadbury Americanized (we need to have our opinions in everything ;-). For example, I think the Boards of Directors need more control or more understanding of the inner workings of a company - not in line positions, but as protectors of the assets for the shareholders. While the CEO/CFO is responsible for sign off, what happens when they are in cahoots and are both crooks? Sure, they can get caught and go to jail, but that's after the fact - when the company is beyond repair. (I lived through an experience as an officer in an international financial services company) As such, I think we need a new organization chart with a C-Level officer on the same level as the CEO who reports directly to the Board. And, all reporting of issues within the organization needs to be reported as is, with exceptions to changes made by superiors noted. I'm working on a new white paper addressing these issues as I see them. Stay tuned. FWIW George _______________________________________________________ George Matyjewicz, Ph.D. Managing Director - Consulting D'Arcangelo Software Services Telephone: 914-694-4600 Toll free: 877-839-8222 Fax: 914-694-3658 mobile: (678) 428-7378 E-mail: [EMAIL PROTECTED] This conference provides expert speakers addressing the latest and most topical issues regarding new processes & practices helping internal auditors successfully meet the expectations of BODs & auditing committees, senior executives, clients and external consultants. Includes case studies from Fidelity Investments, Bon Secours Health Systems, Staples, Schwan Food Company, FedEx, Anchor Bancorp, and others. AUDIT-L SUBSCRIBERS WILL SAVE $200 using discount code: A434E. Register by calling 1-800-882-8684, email to: [EMAIL PROTECTED] or online at www.iqpc.com! Note: This discount cannot be combined with any other offer. Payment in full upon registration. For cancellation and conference policies, please visit www.iqpc.com. If your organization would like to sponsor this discussion list send an e-mail to [EMAIL PROTECTED] for information. To unsubscribe to the Audit-l list send an e-mail to [EMAIL PROTECTED] Leave the subject line blank and include the ############################################################ This email message is for the sole use of the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply email and destroy all copies of the original message. Any views expressed in this message are those of the individual sender, except where the sender specifically states them to be the views of Intelsat, Ltd. and its subsidiaries. ############################################################ This conference provides expert speakers addressing the latest and most topical issues regarding new processes & practices helping internal auditors successfully meet the expectations of BODs & auditing committees, senior executives, clients and external consultants. Includes case studies from Fidelity Investments, Bon Secours Health Systems, Staples, Schwan Food Company, FedEx, Anchor Bancorp, and others. AUDIT-L SUBSCRIBERS WILL SAVE $200 using discount code: A434E. Register by calling 1-800-882-8684, email to: [EMAIL PROTECTED] or online at www.iqpc.com! Note: This discount cannot be combined with any other offer. Payment in full upon registration. For cancellation and conference policies, please visit www.iqpc.com. If your organization would like to sponsor this discussion list send an e-mail to [EMAIL PROTECTED] for information. To unsubscribe to the Audit-l list send an e-mail to [EMAIL PROTECTED] Leave the subject line blank and include the
