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Audit Committee Members: the Act Affects You!
Last month, we discussed the provisions of the Sarbanes-Oxley Act (the Act) that directly affect audit committees. These included Title II: auditor indpendence. This month, we discuss Title III: corporate resposibility, and Title IV: enhanced financial disclosures.
Title III: Corporate Responsibility
- Section 301. Public company audit committees. This section specifies that audit committees are directly responsible for appointment, compensation and oversight of the work of an auditor.
This section is clearly instrumental in advancing corporate governance, as it transfers the responsibility of engaging the auditor from management to the audit committee, and, thereby, aligning the scope of the auditor's objectives with those of the shareholders. There are several initial and ongoing issues for the audit committee to consider in this regard. First, the audit committee should consider if continuing engagement of the auditor is appropriate in light of the partner's and the firm's industry experience. This issue's relevance depends on the complexity, diversity and operations of the company.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
'Insurable Interest' and the Scope of First-Party Coverage
This article reviews the fundamental underpinnings of the concept of insurable interest, and certain recent cases that have grappled with the scope of insurable interest and have articulated a more meaningful application of the concept to claims under first-party property policies.