Federal agencies confront government version of SOX
New fiscal year brings into effect Circular A-123, which imposes internal controls within Federal agencies similar to those required of private firms by Sarbanes-Oxley IT staffs at Federal agencies must now grapple with auditing requirements similar to those faced by private companies under Sarbanes-Oxley, thanks to Circular A-123, which went into effect in the 2006 fiscal year.
SEC Charges 7 with Aiding and Abetting Financial Fraud
These actions demonstrate the Commission's continued scrutiny of third parties who help companies commit and hide financial fraud.
Accelerated annual report deadlines draw fire
Public comments on new SEC rule that shortens filing deadlines for larger firms indicate that SOX is enough headache for now Under a proposed SEC plan, large corporations would have 60 days instead of 75 to file their annual reports after the end of a fiscal year, but commentators complain that a shorter deadline contradicts the Sarbanes-Oxley requirements for more accurate reporting.
Most of Companies Doesn't Know How to Store Data Safely
According to Data Storage Security Survey 2005, more than a half of 300 responding companies have no formal procedures for protecting stored data and an overwhelming majority rated data storage security as only fair or poor.
2.5 years in prison for financial fraud
A Japanese court convicted resort and railroad tycoon Yoshiaki Tsutsumi of insider trading and falsifying company records Thursday, slapping him with a fine of 5 million yen ($43,200) and a suspended prison sentence.
ID Theft Swindlers Are Hunting for Students
Recent incidents highlight that students are often ID theft victims. Swindlers use teenagers' Social Security numbers and other personal data to register for classes and obtain financial aid. In one case an Arizona man used this scheme to steal more than $300,000 using 50 different identities between 1999 and 2003.
Congress Is Going to Pass Toothless Data Theft Law
Federal lawmakers are going to pass the law that will address national data theft problem. However many privacy and security experts suppose that the zeal to see legislation passed may result in a toothless nationwide law which is weaker than state measures already in place.
Laptop with 3,800 UTMC Patients' Private Data Was Stolen
Stolen laptop contained names, Social Security numbers and birthdates of 3,800 patients of University of Tennessee Medical Center. The data was protected by a password; however all affected are at the risk of ID theft.
