A new year, a new era?

✍ Scribed by Robert W. Rouse

• Publisher: John Wiley and Sons
• Year: 2002
• Tongue: English
• Weight: 36 KB
• Volume: 14
• Category: Article
• ISSN: 1044-8136
• DOI: 10.1002/jcaf.10144

✦ Synopsis

The dust has begun to settle. The Commission is now at its full complement of five sitting Commissioners. The one-year period during which Chairman Pitt recused himself from Commission decisions involving past clients, many of whom were the largest public accounting firms, has lapsed.

A NEW ERA?

The provisions of the Sarbanes-Oxley Act of 2002 are now being implemented. Is this a new era? The full impact of the bill will not be known for several years because it includes several dates for the requirements to become effective. Needless to say the Commission will have to assume an aggressive role in meeting the mandates of the bill. An article in the Journal addresses the content of the bill.

The Commission issued revised deadlines for the acceleration of the filings of 10-Ks and 10-Qs. Over a three-year period the traditional 90 days and 45 days for the filings of the 10-Ks and the 10-Qs will be reduced to 60 days and 35 days.

No change was required for the first year (2002). The initial