Corporate Library releases findings
The Corporate Library today released summary findings from its seminal study of the changes in the audit industry, post Sarbanes-Oxley, reports Earth Times.
In addition to the enormous change in the make-up of audit costs, the report also tracked dramatic changes in the audit market during the 2001-2007survey period.
"While the aggregate data presented some fairly outstanding figures, with an average increase in audit fees of 756% between 2001 and 2006, digging deeper into the data on individual companies can produce some more startling findings," commented Paul Hodgson, senior research associate at The Corporate Library.
Oz govt issues mortgage rules
THE US sub-prime debt crisis is being used by mortgage insurers as a lever to try to get a better deal for smaller banks and credit unions from APRA, under the new Basel II rules for bank loans, reports the Australian.
The regulator has circulated draft papers laying down the new rules governing how much capital banks need to hold against a variety of loans, including home mortgages.
In Australia, home mortgages are regarded as 'safe as houses', so a $100 loan requires just $50 in capital from the bank. Under the new rules to come into effect from 1 January, the capital required will fall to $35.
Nivio offers online desktop
Businesses have grown used to applications delivered as a Web service, but one company plans to offer entire client desktops using the same kind of utility computing model, reports VNUNet.
Nivio is beta testing its namesake service, which lets subscribers access an online Windows desktop via a Web browser. "For smaller companies, we can provide an on-demand desktop they can rent," said Nivio chief executive Sachin Duggal.
However, there will be issues around corporate governance and having commercially sensitive information in user desktop accounts, according to Michael Azoff, senior research analyst at Butler Group. "It's not about hackers, the danger is from disgruntled employees," Azoff warned.
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