Accounting Law Commons^™

The Case Against Exempting Smaller Reporting Companies From Sarbanes-Oxley Section 404: Why Market-Based Solutions Are Likely To Harm Ordinary Investors, John Orcutt

Law Faculty Scholarship

Section 404 is arguably the most controversial provision of Sarbanes-Oxley (“SOX”). The controversy focuses on whether Section 404’s substantial compliance costs exceed the statute’s benefits, with no consensus on Section 404’s cost-effectiveness. If Section 404 turns out to be cost-ineffective, the companies that are most threatened are smaller companies, as cost-ineffective regulations tend to disproportionately harm smaller companies. This Article considers whether Congress and the SEC should exempt smaller reporting companies from Section 404 compliance, as that would allow for a market-based resolution to the uncertain value of Section 404 for smaller reporting companies. Smaller reporting companies would be relieved …

The Largest Loophole In Federal Tax Law: Preferential Capital Gain Treatment For Private Equity And Hedge Fund Managers' Carried Interests, 42 J. Marshall L. Rev. 529 (2009), Michael R. Pieczonka

UIC Law Review

No abstract provided.

Vebas To The Rescue: Evaluating One Alternative For Public Sector Retiree Health Benefits, 42 J. Marshall L. Rev. 879 (2009), Susan E. Cancelosi

UIC Law Review

No abstract provided.

The Unaccountability Of The Accounting Regulators: Analyzing The Constitutionality Of The Public Company Accounting Oversight Board, 42 J. Marshall L. Rev. 1019 (2009), Whitney Innes

UIC Law Review

No abstract provided.

Chasing Profits - Disregarding Values: Legal Persona Of Elite Schools And Their Destructive Tax-Exempt Status, 42 J. Marshall L. Rev. 1073 (2009), Oksana Koltko

UIC Law Review

No abstract provided.

Funding Public Pension Plans, 42 J. Marshall L. Rev. 837 (2009), Jonathan Barry Forman

UIC Law Review

No abstract provided.

Gaap Did Their Job During The Economic Meltdown, George Mundstock

Articles

No abstract provided.

Aggregate-Plus Theory Of Partnership Taxation, Bradley T. Borden

Georgia Law Review

This Article presents a theory of partnership taxation. To provide context for the presentation,the Article examines the history and status of partnerships.That examination reveals humans have a natural tendency to form partnerships and partnerships create a significant challenge for lawmakers. The challenge is determining whether partnerships are entities separate from their members or aggregates of the members. After decades of debate and consideration,many lawmakers and commentators now view partnerships as entities. Tax law has not, however, adopted that view. Partnershipsare subject to an aggregate tax regime that contains entity components. Economic theory justifies tax law deviating from the legal view …

What Happens In Vegas Doesn't Always Stay In Vegas: Nevada Corporations Enjoy A Disproportionate Share Of Sec Trading Suspensions, Anthony J. Cataldo Ii, Peter F. Oehlers, Robert C. Scanlon

Accounting Faculty Publications

No abstract provided.

Monitoring Of Corporate Groups By Independent Directors, Adam C. Pritchard

Articles

Both the United States and Korea have reformed their corporate governance in recent years to put increasing responsibilities on independent directors. Independent directors have been found to be an important force protecting the interests of shareholders when it comes time to make certain highly salient decisions, such as firing a CEO or selling the company. This article compares the role of independent directors in the US and Korean systems. I argue that the US may have placed regulatory burdens on independent directors that they are unlikely to be able to satisfy, given their part-time status. By contrast, in the chaebol …

Proposed Legislation To Amend The Commodity Exchange Act: Hearing Before The H. Comm. On Agriculture, 110th Cong., July 11, 2008 (Statement Of Mark D. Young, Adjunct Prof. Of Law, Geo. U. L. Center), Mark D. Young

Testimony Before Congress

No abstract provided.

Zappers And Phantomware: The Need For Fraud Prevention Technology, Richard Thompson Ainsworth

Faculty Scholarship

There is a demand-market for technology that facilitates tax fraud. By all accounts the providers in this market are working in a growth industry.

In the short term this is bad news for those concerned with tax policy and information privacy. In the long term however, the fight against technology-assisted fraud is stimulating the development of a more robust technology base within tax administrations, and this is good news for those who believe that a sophisticated technological infrastructure is needed to resolve difficult questions of tax design.

This paper focuses on two technology-accelerants of SME tax fraud - zappers and …

Confidence In The Nonprofit Sector Through Sarbanes-Oxley-Style Reforms, Joseph Mead

Michigan Law Review

Over the past several years, the nonprofit sector suffered a series of highly visible scandals that shook the public's confidence in charitable organizations. Concerned politicians and nonprofit leaders responded with a variety of reforms inspired by the Sarbanes-Oxley Act. The Note focuses on three such reforms: requiring nonprofit officers certify financial statements, mandating audits of nonprofits' financial statements, and imposing independent audit committees on nonprofit boards of directors. This Note argues that, contrary to the conclusions of many commentators, these reforms will provide a net benefit to the nonprofit sector by increasing donor confidence while imposing minimal costs.

Zappers: Tax Fraud, Technology And Terrorist Funding, Richard Thompson Ainsworth

Faculty Scholarship

"Zappers," or automated sales suppression devices, have brought unheard of efficiencies and economies of scale to a very simple tax fraud - skimming cash sales at point of sale (POS) terminals (electronic cash registers). Until recently the largest tax fraud case in Connecticut, also the "largest computer driven tax-evasion case in the nation," was a zapper case. Stew Leonard's Dairy in Norwalk Connecticut skimmed $17 million in receipts and hid the cash in St. Martin (a Caribbean island). Talal Chahine and his wife, Elfat El Aouar, owners of the La Shish restaurant chain in Detroit Michigan have the dubious honor …

Gatekeeper Incentive Compensation, Sharon Hannes

Faculty Working Papers

A massive wave of corporate fraud at the beginning of the twenty first century exposed the failure of corporate gatekeepers. The Sarbanes-Oxley legislation accordingly targeted gatekeepers, primarily auditors, by imposing strict regulation and enhanced independence guidelines. This legislative remedy is of disputable benefit while its costs have been huge. This paper maintains that a certain type of auditor incentive compensation could work better than regulation. Under such an alternative scheme, auditors would defer a portion of the payment they receive from the client firm, which would be used to purchase shares in the client after their tenure as auditor has …

Labor Organizing By Executive Order: Governor Spitzer And The Unionization Of Home-Based Child Day-Care Providers, David L. Gregory

Fordham Urban Law Journal

MISSING

Labor's Wage War, Catherine K. Ruckelshaus

Fordham Urban Law Journal

MISSING

Card Check Recognition: New House Rules For Union Organizing?, Rafael Gely, Timothy D. Chandler

Fordham Urban Law Journal

MISSING

How Much Is Enough? Giving Fiduciaries And Participants Adequate Information About Plan Expenses, 41 J. Marshall L. Rev. 1005 (2008), Debra A. Davis

UIC Law Review

No abstract provided.

European And American Issues In Employee Benefits Law Compared, 41 J. Marshall L. Rev. 1189 (2008), Yves Stevens

UIC Law Review

No abstract provided.

Finding The Synergy Between Law And Organizing: Experiences From The Streets Of Los Angeles, Victor Narro

Fordham Urban Law Journal

MISSING

The Vesting, Modification, And Financing Of Public Retiree Health Benefits In Light Of New Accounting Rules, 41 J. Marshall L. Rev. 1147 (2008), John Sanchez

UIC Law Review

No abstract provided.

Sarbanes-Oxley, Kermit The Frog, And Competition Regarding Audit Quality, Matthew J. Barrett

Journal of Business & Technology Law

No abstract provided.

Corporate Ethics, Agency, And The Theory Of The Firm, Robert J. Rhee

Journal of Business & Technology Law

No abstract provided.

Sarbanes-Oxley Act Of 2002 Five Years On: What Have We Learned?, Catherine Shakespeare

Journal of Business & Technology Law

No abstract provided.

Corporate Ethics In A Devilish System, Kent Greenfield

Journal of Business & Technology Law

No abstract provided.

The Changing Atmospherics Of Corporate Crime Sentencing In The Post-Sarbanes-Oxley Act Era, Peter J. Henning

Journal of Business & Technology Law

No abstract provided.

Does Sarbanes-Oxley Foster The Existence Of Ethical Executive Role Models In The Corporation?, Joan Macleod Heminway

Journal of Business & Technology Law

No abstract provided.

How Do Securities Laws Influence Affect, Happiness, & Trust?, Peter H. Huang

Journal of Business & Technology Law

No abstract provided.

Sarbanes-Oxley Turns Six: An Enforcement Perspective, Linda Chatman Thomsen, Donna Norman

Journal of Business & Technology Law

No abstract provided.