Conversion Solutions Holdings (fka CSHD)

[bluediamonds]

Sarbanes-Oxley Act & CSHD

FWIW:

Today, 11:03 AM #2008
HititUP
HSM Addict




Join Date: Mar 2006
Location: Chicago
Posts: 1,108
Quote:
Originally Posted by bluediamonds
where information must be filed in advance with regulatory authorities after approval of securities counsel and auditors. This is not only good business practice, but it is mandated under Sarbanes-Oxley and the rules of the SEC."




That's interesting from what I read they must fall under these standards aswell. A "scam" would have been shut down instatly and with HEAVY jail time.

The Sarbanes-Oxley Act's major provisions include:

* Creation of the Public Company Accounting Oversight Board (PCAOB)

* A requirement that public companies evaluate and disclose the
effectiveness of their internal controls as they relate to financial reporting, and that independent auditors for such companies "attest" (i.e., agree, or qualify) to such disclosure

* Certification of financial reports by chief executive officers and chief financial officers

* Auditor independence, including outright bans on certain types of work for audit clients and pre-certification by the company's Audit Committee of all other non-audit work

* A requirement that companies listed on stock exchanges have fully independent audit committees that oversee the relationship between the company and its auditor

* Ban on most personal loans to any executive officer or director

* Accelerated reporting of trades by insiders

* Prohibition on insider trades during pension fund blackout periods

* Additional disclosure

* Enhanced criminal and civil penalties for violations of securities law

* Significantly longer maximum jail sentences and larger fines for corporate executives who knowingly and willfully misstate financial statements, although maximum sentences are largely irrelevant because judges generally follow the Federal Sentencing Guidelines in setting actual sentences

http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act

The Sarbanes-Oxley Act of 2002 (Pub. L. No. 107-204, 116 Stat. 745, also known as the Public Company Accounting Reform and Investor Protection Act of 2002 and commonly called SOX or SarbOx; July 30, 2002) is a United States federal law passed in response to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, and WorldCom (now MCI).

*** If they are complient with SOX, here is a time line:


Year One Resources Spent on Section 404 Compliance

Company Revenue < $5B $5B - $10B $10B – $50B > $50B

Average Additional
Audit Hours [6,285] [20,756] [11,540] [19,000]

Average Total
Compliance Cost (millions) [$1.9] [$6.1] [$20.6] [$1230.3]

http://www.hotstockmarket.com/forums/showthread.php?t=41282&page=201

-----------------

CSHD's CFO "an Associate Member of the Certified Fraud Examiners and as a Certified Internal Auditor"

Posted by: thehavenots
In reply to: liable who wrote msg# 48113 Date:8/19/2006 11:54:58 AM
Post #of 48124

CVSU's CFO:

"an Associate Member of the Certified Fraud Examiners and as a Certified Internal Auditor"

Darryl Horton, CPA - Chief Financial Officer
Mr. Horton is a graduate of Accounting (cum laude) from Michigan State University and has an array of experiences that include fifteen years working as an executive with the State of Michigan. Mr. Horton has served State Government as Director of Internal Audits and he is currently the Director of the Division of Licensing & Certification, which is responsible for the monitoring and regulation of all of the state's hospitals and health facilities.

Darryl Horton has earned invaluable experience as a Certified Public Accountant for over fourteen years and as Founder and CEO of Horton & Associates, a public accounting firm specializing in corporate tax planning. As an Associate Member of the Certified Fraud Examiners and as a Certified Internal Auditor, Mr. Horton has developed and monitored budgets in excess of 250 million USD, focusing on analysis of internal controls and utilizing risk assessment tools for various organizations in both the private and public industry sectors.

Mr. Horton is a highly respected member of his community who serves as Audit Chair for the local chapter of the American Red Cross; he is a member of the National Association of Accountants and the Institute of Internal Auditors, in addition to participating on the boards of several other organizations and charities.

As Chief Financial Officer, Mr. Horton will provide corporate leadership by directing treasury activities and with coordination of budget programs. He will assess the financial impact of functional initiatives and generate creative solutions. Mr. Horton will formulate and optimize the capital and tax strategy of the company and will be responsible for financial reporting by developing objectives for establishing a reporting system with controls and safeguards to protect company assets.

http://www.investorshub.com/boards/read_msg.asp?message_id=12777494