Women's best friends and SEC
http://www.app.com/apps/pbcs.dll/article?AID=/20060411/BUSINESS/604110320/1003
Zale Corp., the largest U.S. jewelry retailer, said Monday that the Securities and Exchange Commission is investigating its accounting, executive pay and severance agreements. The shares fell 9.5 percent, the biggest drop in more than three years.
- "Katie Couric Provision"
http://www.cfo.com/article.cfm/6794365?f=blog
The wrangling is likely to be a good deal more intense than it was in 1992, the last time the SEC stepped up the disclosures of executive pay and perks. Among the most hotly debated provisions this time around are the threshold for reporting executive perquisites, Sarbanes-Oxley signoffs by CFOs and their bosses, and especially the so-called "Katie Couric" provision involving disclosure of the high pay of glitzy non-executives.
- Trouble shooter
WHITTMANHART Names David E. Pardun Chief Financial Officer
Pardun has 20 years of experience in professional services, most recently as vice president and controller at Navigant Consulting, Inc. Pardun was one of six officers at Navigant, and one of two financial officers.
During his tenure, he reorganized the company's financial and accounting functions, was actively involved in more than 20 acquisitions, implemented a new accounting system and managed the company's Sarbanes-Oxley compliance efforts. He helped Navigant grow from $235 million in 2001 to $575 million in revenue for 2005.
Before Navigant, Pardun served eight years with Peterson Consulting, holding increasingly responsible roles in its accounting department, eventually becoming a vice president. Pardun holds a bachelor's degree from Elmhurst College and is a Certified Public Accountant (CPA). Pardun will work out of WHITTMANHART's headquarters in Chicago.
- Lloyds TSB outsources finance and accounting functions to Xansa
Lloyds TSB outsources finance and accounting functions to Xansa
British banking group Lloyds TSB is offshoring its finance and accounting (F&A) operations to India under a five year deal with UK IT services firm Xansa.
- Whistleblower - Sunterra & Grant Thornton
http://www.cfo.com/article.cfm/6795327?f=alerts
Sunterra, which dismissed Grant Thornton on March 21, disclosed in a Securities and Exchange Commission filing on Monday that on or around December 9, it had received an E-mail from a former employee alleging accounting irregularities related to Sunterra's European operations.
Within one business day of receiving that E-mail, the company continued, it informed both Grant Thornton and its own audit and compliance committee of the nature of the allegations. Sunterra added that it advised Grant Thornton that it had submitted the allegations to its internal auditors and in-house legal counsel for investigation and follow-up.
On March 29, Sunterra also disclosed, its audit and compliance committee, with the knowledge of Grant Thornton, authorized the engagement of outside legal counsel to look into the allegations. And on April 9, the committee hired an independent legal counsel to investigate, review, and advise it about the allegations and any other matters that may arise.
Grant Thornton, however, has some issues with the timeline.
- Harvard Business Review quotes:
IT news, careers, business technology, reviews | Computerworld
In this month's Harvard Business Review, the co-authors discuss how smart companies are finding unexpected benefits in Sarbanes-Oxley compliance. Wagner, who is the managing partner of the U.S. Center for Corporate Governance at Deloitte & Touche, and Dittmar, who leads the enterprise governance consulting practice at Deloitte Consulting and co-leads its Sarbanes-Oxley practice, talked with Kathleen Melymuka about how your company can use compliance requirements to its advantage.
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