TheCorporateCounsel.net Blog |
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Wednesday, May 14, 2003
Don't forget that last week - May 6th - was the effective date for companies to pre-approve audit and non-audit services. So if a company has not yet adopted a pre-approval policy, any non-audit services must be approved by the audit committee (or the audit committee chair if that delegation has been granted) - although contracts for certain non-audit services in place before May 6th can continue for 12 months under specified conditions. The odd thing about Section 201 of Sarbanes-Oxley - and the related rulemaking - is that its unclear what will be the consequences if a company uses non-audit services from its auditor without the appropriate pre-approval... On Section16.net today, we are holding a webcast program entitled "Section 16 Filers: Users' Perspective - Practice Tips and Lessons Learned from the Trenches." Hear from panelists that have been test-driving the various filer products - as well as Alan Dye on the latest SEC developments - at http://www.section16.net/webcast0503/. Tuesday, May 13, 2003
As reported by the Washington Post, former SEC Chair Harvey Pitt has started a corporate governance/crisis management/regulatory advice consultancy called "Kalorama Partners" - but he will not "appear before the SEC." See http://www.washingtonpost.com/wp-dyn/articles/A47110-2003May12.html. The SEC staff has done some housecleaning and issued Staff Accounting Bulletin 103 "Update of Codification of Staff Accounting Bulletins." The purpose of this SAB is to comprehensively update the existing SAB codification - as a result, the SEC will now feel sufficient comfort to post the entire SAB codification on its website. See http://www.sec.gov/interps/account/sab103.htm. |
