Kumar is also responsible for corporate financial accounting, Sarbanes-Oxley 404 (SOX) compliance and global accounting and financial services (GAFS).
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With just four big accounting firms remaining, and none of the next tier big enough to take up the slack, the corporate world cannot easily handle another accounting-firm failure.
Almost from its inception, the federal government's options backdating case against executives of Broadcom Corp. reeked of cheap melodrama more than it gleamed with truth-seeking about corporate accounting and corporate pay.
At the same time, they will have to adopt marked-to-market valuations for all their tradable securities, putting an end to the hidden-reserves era of corporate accounting.
Most companies I met with probably still under-estimate the importance of corporate governance and accounting standards.
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We exclude firms with significant legal problems or other open-ended liabilities and also consider accounting and corporate governance scores from Audit Integrity of Los Angeles in making our final cuts.
In Britain, a series of business scandals in the 1980s, most notoriously Polly Peck, a conglomerate which manipulated its foreign-exchange earnings, convinced the corporate world that accounting rules had to get better.
Now company lawyers have targets on their backs, given accounting requirements under Sarbanes-Oxley, foreign bribery and other corporate skullduggery.
Corporate divestitures, meanwhile, remained sidelined, accounting for 12% of third-quarter volume.
The biggest lesson of the AOL Time Warner merger may simply be that well-run companies, those that exercise good corporate governance and accounting practices, care and nurture their markets, and are realistic in what they offer to their shareholders, will do better than those that do not.
The accounting profession's rules clearly failed to deal with earnings manipulation and corporate hanky-panky.
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Politicians, the press and traders betting on a sinking share price all seized on Mr Kozlowski's seemingly monstrous abuses of corporate expenses and Tyco's executive-loan scheme as proof of a wider accounting fraud at the firm.
The Sarbanes-Oxley law was enacted as a result of a number of corporate and accounting scandals.
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Many other firms, including GM, have reined in their bubble-era expected returns through the mantra of cleaner, and more realistic, corporate accounting.
Any hint of accounting irregularities, for which the Sarbanes-Oxley Act imposes dire penalties, causes corporate managers to freeze up and conservative investors to head for the exits.
Long-time China investors seem aware of the risks, and the inherent accounting fraud in corporate China.
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