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119-791: TV Azteca also operates Azteca Trece Internacional , reaching 13 countries in Central and South America , and formerly part of the Azteca América network in the United States . Its flagship program is the newscast Hechos . In the early 1990s, the presidency of Carlos Salinas de Gortari privatized many government assets. Among them was the Instituto Mexicano de la Televisión, known as Imevisión , which owned two national television networks (Red Nacional 7 and Red Nacional 13) and three local TV stations. In preparation for

238-432: A carriage dispute over terms. Cable operators claimed that Azteca wanted to charge a fee by packaging its over-the-air stations with cable networks, such as news and soap opera channels, which potentially represented a higher cost to subscribers. After a nine-month absence, TV Azteca returned gradually to cable operators. In August 2018, American Tower 's Mexican Unit, MATC Infraestructura sued TV Azteca for $ 97 Million in

357-557: A British colony and named it British Honduras . It became independent as Belize in 1981. Panama, situated in the southernmost part of Central America on the Isthmus of Panama , has for most of its history been culturally and politically linked to South America. Panama was part of the Province of Tierra Firme from 1510 until 1538 when it came under the jurisdiction of the newly formed Audiencia Real de Panama . Beginning in 1543, Panama

476-680: A New York court for defaulting on a loan from the company. TV Azteca is part of the conglomerate Grupo Salinas , which includes the Grupo Elektra franchise of department stores, the Banco Azteca bank, and Seguros Azteca life insurance. TV Azteca also owns Liga MX soccer club, Monarcas Morelia . The network has set up an acting school, Centro de Estudios y Formación Actoral (CEFAT). Alumni include Iliana Fox , Luis Ernesto Franco , Adriana Louvier , Fran Meric , Bárbara Mori , Laura Palma and Adrián Rubio . The network also owns

595-684: A common currency and common passport for the member nations. No timeline for implementation was discussed. Central America already has several supranational institutions such as the Central American Parliament , the Central American Bank for Economic Integration and the Central American Common Market . On 22 July 2011, President Mauricio Funes of El Salvador became the first president pro tempore to SICA. El Salvador also became

714-601: A deal with the 5% owner of the concessionaire allowed Azteca to buy the remainder of the station and retake control of XHTVM, under the name Proyecto 40, in 2006. On March 7, 2011, TV Azteca changed its name to Azteca , reflecting its growth into a multimedia company. However, in May 2016, the TV Azteca name was restored. TV Azteca is the second largest mass media company in México after Televisa. These two big organizations control

833-599: A decrease in trade winds. Central America is part of the Mesoamerican biodiversity hotspot , boasting 7% of the world's biodiversity . The Pacific Flyway is a major north–south flyway for migratory birds in the Americas, extending from Alaska to Tierra del Fuego . Due to the funnel-like shape of its land mass, migratory birds can be seen in very high concentrations in Central America, especially in

952-490: A false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the investigation or proper administration of any matter within the jurisdiction of any department or agency of the United States or any case filed under title 11, or in relation to or contemplation of any such matter or case, shall be fined under this title, imprisoned not more than 20 years, or both. Section 806 of

1071-491: A gain in the dry forest biome at 2,054 square kilometers (793 sq mi). Mangroves and deserts contributed only 1% to the loss in forest vegetation. The bulk of the deforestation was located at the Caribbean slopes of Nicaragua with a loss of 8,574 square kilometers (3,310 sq mi) of forest in the period from 2001 to 2010. The most significant regrowth of 3,050 square kilometers (1,180 sq mi) of forest

1190-520: A group controlled by Ricardo Salinas Pliego , was the winner of the auction to acquire the "state-owned media package", which also included Imevisión's studios in the Ajusco area of Mexico City. The winning bid amounted to US$ 645 million. The new group soon took on the Televisión Azteca name for the entire operation and soon challenged Televisa, turning what had been a television monopoly into

1309-722: A lighter touch. In the UK, the non-statutory Combined Code of Corporate Governance plays a somewhat similar role to SOX. See Howell E. Jackson & Mark J. Roe, "Public Enforcement of Securities Laws: Preliminary Evidence" (Working Paper January 16, 2007). London based Alternative Investment Market claims that its spectacular growth in listings almost entirely coincided with the Sarbanes–Oxley legislation. In December 2006, Michael Bloomberg , New York's mayor, and Chuck Schumer , U.S. senator from New York, expressed their concern. The Sarbanes–Oxley Act's effect on non-U.S. companies cross-listed in

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1428-566: A multimillion-dollar debt fraud committed by TV Azteca and another company in which they held stock. The charges were among the first brought under the provisions of the Sarbanes-Oxley Act of 2002, introduced in the wake of the corporate financial scandals of that year. The Federal Radio and Television Law (known as the Ley Televisa) was a bill concerning the licensing and regulation of the electromagnetic spectrum. The LFRT

1547-748: A new Central American state . Some of New Spain's provinces in the Central American region (i.e. what would become Guatemala, Honduras, El Salvador, Nicaragua and Costa Rica) were annexed to the First Mexican Empire ; however in 1823 they seceded from Mexico to form the Federal Republic of Central America until 1838. In 1838, Costa Rica, Guatemala, Honduras, and Nicaragua became the first of Central America's seven states to become independent countries, followed by El Salvador in 1841, Panama in 1903, and Belize in 1981. Despite

1666-467: A period of political transformation. Poverty, social injustice, and violence are still widespread. Nicaragua is the second poorest country in the western hemisphere, after Haiti. Central America is a part of North America consisting of a tapering isthmus running from the southern extent of Mexico to the northwestern portion of South America . Central America has the Gulf of Mexico , a body of water within

1785-618: A record label, Azteca Music, which was founded in 1996. Central America Central America is a subregion of North America . Its political boundaries are defined as bordering Mexico to the north, Colombia to the southeast, the Caribbean to the east, and the Pacific Ocean to the southwest. Central America is usually defined as consisting of seven countries: Belize , Costa Rica , El Salvador , Guatemala , Honduras , Nicaragua , and Panama . Within Central America

1904-733: A result of seismic activity at the Middle America Trench. For example, subduction of the Cocos Plate beneath the North American Plate at the Middle America Trench is believed to have caused the 1985 Mexico City earthquake that killed as many as 40,000 people. Seismic activity at the Middle America Trench is also responsible for earthquakes in 1902 , 1942 , 1956 , 1982 , 1992 , January 2001 , February 2001 , 2007 , 2012 , 2014 , and many other earthquakes throughout Central America. The Middle America Trench

2023-680: A result of these natural disasters. Most of Central America rests atop the Caribbean Plate . This tectonic plate converges with the Cocos , Nazca , and North American plates to form the Middle America Trench , a major subduction zone. The Middle America Trench is situated some 60–160 kilometers (37–99 mi) off the Pacific coast of Central America and runs roughly parallel to it. Many large earthquakes have occurred as

2142-407: A series of hearings on the problems in the markets that had led to a loss of hundreds and hundreds of billions, indeed trillions of dollars in market value. The hearings set out to lay the foundation for legislation. We scheduled 10 hearings over a six-week period, during which we brought in some of the best people in the country to testify ... The hearings produced remarkable consensus on the nature of

2261-507: A single continent, América , which is split into four subregions: North America ( Northern America and Mexico ), Central America, South America, and Insular America (the West Indies ). "Central America" may mean different things to various people, based upon different contexts: Central America was formed more than 3 million years ago, as part of the Isthmus of Panama , when its portion of land connected each side of water. In

2380-616: A tax on inefficiency, encouraging companies to centralize and automate their financial reporting systems. This is apparent in the comparative costs of companies with decentralized operations and systems, versus those with centralized, more efficient systems. For example, the 2007 Financial Executives International (FEI) survey indicated average compliance costs for decentralized companies were $ 1.9 million, while centralized company costs were $ 1.3 million. Costs of evaluating manual control procedures are dramatically reduced through automation. The Committee of Sponsoring Organizations (COSO) Report, as

2499-559: A television duopoly. The two conglomerates held 97 percent of the commercial television concessions in the country. In 1998, TV Azteca announced an investment of US$ 25 million in XHTVM-TV , which was owned by Javier Moreno Valle through concessionaire Televisora del Valle de México, S.A. de C.V. Under the deal, Azteca restructured TVM and took control of ad sales and most programming duties, while Moreno Valle's CNI news service retained some primetime space. However, in 2000, Moreno Valle broke

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2618-482: A violation of any SEC rule or regulation, mail fraud, or wire fraud). Section 806 prohibits a broad range of retaliatory adverse employment actions, including discharging, demoting, suspending, threatening, harassing, or in any other manner discriminating against a whistleblower. Recently a federal court of appeals held that merely "outing" or disclosing the identity of a whistleblower is actionable retaliation. Remedies under Section 806 include: (A) reinstatement with

2737-828: Is Section 404, which requires management and the external auditor to report on the adequacy of the company's internal control on financial reporting (ICFR). This is the most costly aspect of the legislation for companies to implement, as documenting and testing important financial manual and automated controls requires enormous effort. Under Section 404 of the Act, management is required to produce an "internal control report" as part of each annual Exchange Act report. See 15 U.S.C.   § 7262 . The report must affirm "the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting". 15 U.S.C.   § 7262(a) . The report must also "contain an assessment, as of

2856-545: Is adequate in their home countries as well. On the other hand, the benefit of better credit rating also comes with listing on other stock exchanges such as the London Stock Exchange . Piotroski and Srinivasan (2008) examine a comprehensive sample of international companies that list onto U.S. and U.K. stock exchanges before and after the enactment of the Act in 2002. Using a sample of all listing events onto U.S. and U.K. exchanges from 1995 to 2006, they find that

2975-508: Is another company which also serves the government however to a much lesser extent than Televisa. TV Azteca also receives lucrative contracts from the Mexican government, and therefore the information that emits is also controlled by the actual government. The news that is normally emitted by TV Azteca is 25% news bulletins that come from advertising, and infotainment relying on celebrities and biased editorials. On March 21, 2023, creditors for

3094-685: Is currently undergoing a process of political, economic and cultural transformation that started in 1907 with the creation of the Central American Court of Justice . In 1951 the integration process continued with the signature of the San Salvador Treaty, which created the ODECA, the Organization of Central American States. However, the unity of the ODECA was limited by conflicts between several member states. In 1991,

3213-557: Is not the only source of seismic activity in Central America. The Motagua Fault is an onshore continuation of the Cayman Trough which forms part of the tectonic boundary between the North American Plate and the Caribbean Plate. This transform fault cuts right across Guatemala and then continues offshore until it merges with the Middle America Trench along the Pacific coast of Mexico, near Acapulco . Seismic activity at

3332-535: Is over; no boardroom in America is above or beyond the law." In response to the perception that stricter financial governance laws are needed, SOX-type regulations were subsequently enacted in Canada (2002), Germany (2002), South Africa (2002), France (2003), Australia (2004), India (2005), Japan (2006), Italy (2006), Israel, and Turkey. (See Similar laws in other countries below.) Debates continued as of 2007 over

3451-504: Is part of this. The Belize Barrier Reef is home to a large diversity of plants and animals, and is one of the most diverse ecosystems of the world. It is home to 70 hard coral species, 36 soft coral species, 500 species of fish and hundreds of invertebrate species. So far only about 10% of the species in the Belize barrier reef have been discovered. From 2001 to 2010, 5,376 square kilometers (2,076 sq mi) of forest were lost in

3570-550: Is the Mesoamerican biodiversity hotspot , which extends from southern Mexico to southeastern Panama. Due to the presence of several active geologic faults and the Central America Volcanic Arc , there is a high amount of seismic activity in the region, such as volcanic eruptions and earthquakes, which has resulted in death, injury, and property damage. In the pre-Columbian era , Central America

3689-489: Is the most common type of Central American temperate evergreen cloud forest , found in almost all Central American countries, normally more than 1,000 meters (3,300 ft) above sea level. Tree species include evergreen oaks , members of the laurel family , species of Weinmannia and Magnolia , and Drimys granadensis . The cloud forest of Sierra de las Minas , Guatemala, is the largest in Central America. In some areas of southeastern Honduras there are cloud forests,

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3808-529: Is the political organ of Central America, and is part of SICA. New members have since then joined including Panama and the Dominican Republic. Sarbanes-Oxley Act The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations . The act, Pub. L.   107–204 (text) (PDF) , 116  Stat.   745 , enacted July 30, 2002 , also known as

3927-465: Is very rich in terms of ethnic groups. The majority of the population is mestizo , with sizable Mayan and African descendent populations present, along with numerous other indigenous groups such as the Miskito people . The immigration of Arabs, Jews, Chinese, Europeans and others brought additional groups to the area. The predominant religion in Central America is Christianity (95.6%). Beginning with

4046-748: The Atlantic Ocean , to the north; the Caribbean Sea, also part of the Atlantic Ocean, to the northeast; and the Pacific Ocean to the southwest. Some physiographists define the Isthmus of Tehuantepec as the northern geographic border of Central America, while others use the northwestern borders of Belize and Guatemala. From there, the Central American land mass extends southeastward to the Atrato River , where it connects to

4165-688: The Chibchan languages at the time of European contact and are considered by some culturally different and grouped in the Isthmo-Colombian Area . Following the Spanish expedition of Christopher Columbus 's voyages to the Americas, the Spanish sent many expeditions to the region, and they began their conquest of Maya territory in 1523. Soon after the conquest of the Aztec Empire , Spanish conquistador Pedro de Alvarado commenced

4284-693: The Cordillera de Talamanca . The Central American montane forests are an ecoregion of the tropical and subtropical moist broadleaf forests biome, as defined by the World Wildlife Fund . These forests are of the moist deciduous and the semi-evergreen seasonal subtype of tropical and subtropical moist broadleaf forests and receive high overall rainfall with a warm summer wet season and a cooler winter dry season. Central American montane forests consist of forest patches located at altitudes ranging from 1,800–4,000 metres (5,900–13,100 ft), on

4403-773: The Kowoj and the Itza people – were finally defeated in 1697, as part of the Spanish conquest of Petén . In 1538, Spain established the Real Audiencia of Panama , which had jurisdiction over all land from the Strait of Magellan to the Gulf of Fonseca . This entity was dissolved in 1543, and most of the territory within Central America then fell under the jurisdiction of the Audiencia Real de Guatemala . This area included

4522-530: The Pacific Lowlands in northwestern South America. Central America has over 70 active volcanoes, 41 which are located in El Salvador, and Guatemala. The volcano with the most activity in Central America is Santa María . Still experiencing frequent eruptions to this day, with the last one beginning in 2013, and still is going on to this day. Of the many mountain ranges within Central America,

4641-586: The Pre-Columbian era , the northern areas of Central America were inhabited by the indigenous peoples of Mesoamerica . Most notable among these were the Mayans , who had built numerous cities throughout the region, and the Aztecs , who had created a vast empire. The pre-Columbian cultures of eastern El Salvador, eastern Honduras, Caribbean Nicaragua, most of Costa Rica and Panama were predominantly speakers of

4760-534: The Securities and Exchange Commission to create regulations to define how public corporations are to comply with the law. In 2002, Sarbanes–Oxley was named after bill sponsors U.S. Senator Paul Sarbanes ( D - MD ) and U.S. Representative Michael G. Oxley ( R - OH ). To be "SOX compliant," top management must individually certify the accuracy of financial information. In addition, penalties for fraudulent financial activity are much more severe. The act increased

4879-690: The Senate Banking Committee with the support of President George W. Bush and the SEC. At the time, however, the Chairman of that Committee, Senator Paul Sarbanes (D-MD), was preparing his own proposal, Senate Bill 2673. Senator Sarbanes's bill passed the Senate Banking Committee on June 18, 2002, by a vote of 17 to 4. On June 25, 2002, WorldCom revealed it had overstated its earnings by more than $ 3.8 billion during

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4998-720: The Sierra Madre de Chiapas in Mexico's Chiapas state through the highlands of Guatemala, El Salvador, and Honduras to central Nicaragua. The pine-oak forests lie between 600–1,800 metres (2,000–5,900 ft) elevation, and are surrounded at lower elevations by tropical moist forests and tropical dry forests . Higher elevations above 1,800 metres (5,900 ft) are usually covered with Central American montane forests . The Central American pine-oak forests are composed of many species characteristic of temperate North America including oak , pine , fir , and cypress . Laurel forest

5117-684: The conquest of northern Central America for the Spanish Empire . Beginning with his arrival in Soconusco in 1523, Alvarado's forces systematically conquered and subjugated most of the major Maya kingdoms, including the K'iche' , Tz'utujil , Pipil , and the Kaqchikel . By 1528, the conquest of Guatemala was nearly complete, with only the Petén Basin remaining outside the Spanish sphere of influence. The last independent Maya kingdoms –

5236-520: The "Public Company Accounting Reform and Investor Protection Act" (in the Senate ) and "Corporate and Auditing Accountability, Responsibility, and Transparency Act" (in the House ) and more commonly called Sarbanes–Oxley , SOX or Sarbox , contains eleven sections that place requirements on all U.S. public company boards of directors and management and public accounting firms. A number of provisions of

5355-576: The 1816 earthquake of Guatemala. Managua , the capital of Nicaragua, was devastated by earthquakes in 1931 and 1972 . Volcanic eruptions are also common in Central America. In 1968 the Arenal Volcano , in Costa Rica, erupted killing 87 people as the 3 villages of Tabacon, Pueblo Nuevo and San Luis were buried under pyroclastic flows and debris. Fertile soils from weathered volcanic lava have made it possible to sustain dense populations in

5474-599: The 1930s the United Fruit Company owned 14,000 square kilometres (3.5 million acres) of land in Central America and the Caribbean and was the single largest land owner in Guatemala. Such holdings gave it great power over the governments of small countries. That was one of the factors that led to the coining of the phrase banana republic . After more than two hundred years of social unrest, violent conflict, and revolution, Central America today remains in

5593-537: The 97% of mass media in Mexico. TV Azteca was funded in 1993 by Ricardo Salinas Pliego. TV Azteca has 31% of the 465 television concessions in México. The auction of the state channels and the granting of further concessions to TV Azteca further strengthen their connection. It also owns Azteca banks, Azteca insurance, Iusacell, programing pay television, cinemas, live theater, news channels, newspapers, Azteca music, an acting school, Azteca consumer products, Azteca internet, Azteca series, Azteca sports, stadiums, etc. TV Azteca

5712-421: The Act also apply to privately held companies , such as the willful destruction of evidence to impede a federal investigation. The law was enacted as a reaction to a number of major corporate and accounting scandals , including Enron and WorldCom . The sections of the bill cover responsibilities of a public corporation's board of directors, add criminal penalties for certain misconduct , and require

5831-434: The Act mandates a set of internal procedures designed to ensure accurate financial disclosure. The signing officers must certify that they are "responsible for establishing and maintaining internal controls " and "have designed such internal controls to ensure that material information relating to the company and its consolidated subsidiaries is made known to such officers by others within those entities, particularly during

5950-748: The COSO Report. The cost of complying with SOX 404 impacts smaller companies disproportionately, as there is a significant fixed cost involved in completing the assessment. For example, during 2004 U.S. companies with revenues exceeding $ 5 billion spent 0.06% of revenue on SOX compliance, while companies with less than $ 100 million in revenue spent 2.55%. This disparity is a focal point of 2007 SEC and U.S. Senate action. The PCAOB intends to issue further guidance to help companies scale their assessment based on company size and complexity during 2007. The SEC issued their guidance to management in June, 2007. After

6069-485: The Commission shall prescribe as necessary and appropriate in the public interest or for the protection of investors, for any officer or director of an issuer, or any other person acting under the direction thereof, to take any action to fraudulently influence, coerce, manipulate, or mislead any independent public or certified accountant engaged in the performance of an audit of the financial statements of that issuer for

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6188-569: The Congress of Central America peacefully seceded from Mexico and declared absolute independence from all foreign nations, and the region formed the Federal Republic of Central America . The Federal Republic of Central America was a representative democracy with its capital at Guatemala City . This union consisted of the provinces of Costa Rica, El Salvador, Guatemala, Honduras, Los Altos , Mosquito Coast , and Nicaragua. The lowlands of southwest Chiapas, including Soconusco, initially belonged to

6307-609: The Costa Rica-Chiriqui highlands within the Talamancan montane forest region. Jaguars , cougars , spider monkeys , as well as tapirs , and anteaters live in the woods of Central America. The Central American red brocket is a brocket deer found in Central America's tropical forest. Central America is geologically very active, with volcanic eruptions and earthquakes occurring frequently, and tsunamis occurring occasionally. Many thousands of people have died as

6426-457: The Motagua Fault has been responsible for earthquakes in 1717 , 1773 , 1902 , 1976 , 1980 , and 2009 . Another onshore continuation of the Cayman Trough is the Chixoy-Polochic Fault , which runs parallel to, and roughly 80 kilometers (50 mi) to the north, of the Motagua Fault. Though less active than the Motagua Fault, seismic activity at the Chixoy-Polochic Fault is still thought to be capable of producing very large earthquakes, such as

6545-513: The PRC. The Central American Parliament (aka PARLACEN) is a political and parliamentary body of SICA. The parliament started around 1980, and its primary goal was to resolve conflicts in Nicaragua, Guatemala, and El Salvador. Although the group was disbanded in 1986, ideas of unity of Central Americans still remained, so a treaty was signed in 1987 to create the Central American Parliament and other political bodies. Its original members were Guatemala, El Salvador, Nicaragua and Honduras. The parliament

6664-561: The People's Republic of China. In August 2018, El Salvador also severed ties with Taiwan to formally start recognizing the People's Republic of China as sole China, a move many considered lacked transparency due to its abruptness and reports of the Chinese government's desires to invest in the department of La Union while also promising to fund the ruling party's reelection campaign. The President of El Salvador, Nayib Bukele , broke diplomatic relations with Taiwan and established ties with China . On 9 December 2021, Nicaragua resumed relations with

6783-440: The Republic until 1824, when Mexico annexed most of Chiapas and began its claims to Soconusco. The Republic lasted from 1823 to 1838, when it disintegrated as a result of civil wars. The territory that now makes up Belize was heavily contested in a dispute that continued for decades after Guatemala achieved independence. Spain, and later Guatemala, considered this land a Guatemalan department . In 1862, Britain formally declared it

6902-470: The SEC and PCAOB issued their guidance, the SEC required smaller public companies (non-accelerated filers) with fiscal years ending after December 15, 2007 to document a Management Assessment of their Internal Controls over Financial Reporting (ICFR). Outside auditors of non-accelerated filers however opine or test internal controls under PCAOB (Public Company Accounting Oversight Board) Auditing Standards for years ending after December 15, 2008. Another extension

7021-440: The SEC granted another extension for the outside auditor assessment until fiscal years ending after June 15, 2010. The SEC stated in their release that the extension was granted so that the SEC's Office of Economic Analysis could complete a study of whether additional guidance provided to company managers and auditors in 2007 was effective in reducing the costs of compliance. They also stated that there will be no further extensions in

7140-611: The SEC in the adoption of dozens of rules to implement the Sarbanes–Oxley Act. It created a new, quasi-public agency, the Public Company Accounting Oversight Board , or PCAOB, charged with overseeing, regulating, inspecting, and disciplining accounting firms in their roles as auditors of public companies. The act also covers issues such as auditor independence, corporate governance , internal control assessment, and enhanced financial disclosure. The nonprofit arm of Financial Executives International , Financial Executives Research Foundation, completed extensive research studies to help support

7259-457: The Sarbanes–Oxley Act, also known as the whistleblower-protection provision, prohibits any "officer, employee, contractor, subcontractor, or agent" of a publicly traded company from retaliating against "an employee" for disclosing reasonably perceived potential or actual violations of the six enumerated categories of protected conduct in Section 806 (securities fraud which includes insider trading and market manipulation, shareholder fraud, bank fraud,

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7378-453: The Spanish colonization of Central America in the 16th century, Catholicism became the most popular religion in the region until the first half of the 20th century. Since the 1960s, there has been an increase in other Christian groups, particularly Protestantism , as well as other religious organizations, and individuals identifying themselves as having no religion. Source: Jason Mandrik, Operation World Statistics (2020). Central America

7497-404: The U.S. is different on firms from developed and well regulated countries than on firms from less developed countries according to Kate Litvak. Companies from badly regulated countries see benefits that are higher than the costs from better credit ratings by complying to regulations in a highly regulated country (USA), but companies from developed countries only incur the costs, since transparency

7616-406: The adequacy of a company's internal control on financial reporting, is often singled out for analysis. According to a 2019 study in the Journal of Law and Economics , "We find a large decline in the average voting premium of US dual-class firms targeted by major SOX provisions that enhance boards' independence, improve internal controls, and increase litigation risks. The targeted firms also improve

7735-414: The agriculturally productive highland areas. List of countries by life expectancy at birth for 2022, according to the World Bank Group . The population of Central America is estimated at 50,956,791 as of 2021. With an area of 523,780 square kilometers (202,230 sq mi), it has a population density of 97.3 per square kilometre (252 per square mile). Human Development Index values are from

7854-409: The bird population of the Talamancan montane forests in Costa Rica and Panama are endemic to this region. Several birds are listed as threatened, most notably the resplendent quetzal (Pharomacrus mocinno), three-wattled bellbird (Procnias tricarunculata), bare-necked umbrellabird (Cephalopterus glabricollis), and black guan (Chamaepetes unicolor). Many of the amphibians are endemic and depend on

7973-549: The company pushed the company into an involuntary Chapter 11 bankruptcy petition in the U.S. However, on April 26, TV Azteca asked the New York bankruptcy judge to dismiss its Chapter 11 case due to it being pointless to start reorganization proceedings for the company anywhere but Mexico. On June 1, 2023, TV Azteca was suspended from the Mexico Stock Exchange. On 5 January 2005, the U.S. Securities and Exchange Commission (SEC) accused TV Azteca executives (including chairman Ricardo Salinas Pliego ) of having personally profited from

8092-415: The compliance project requires a triangulation of the resources of three executives, the CEO, CFO, and CIO and is usually facilitated by the project management office (PMO). The success of the compliance project depends on the proper “mapping” of information systems controls CoBIT (Control Objectives of Information and Its related Technology) to existing and new financial and operational controls as defined by

8211-467: The conditions and culture in which a series of large corporate frauds occurred between 2000 and 2002. The spectacular, highly publicized frauds at Enron , WorldCom , and Tyco exposed significant problems with conflicts of interest and incentive compensation practices. The analysis of their complex and contentious root causes contributed to the passage of SOX in 2002. In a 2004 interview, Senator Paul Sarbanes stated: The Senate Banking Committee undertook

8330-538: The conference committee strengthened the prescriptions of S. 2673 or added new prescriptions." The Committee approved the final conference bill on July 24, 2002, and gave it the name "the Sarbanes–Oxley Act of 2002". The next day, both houses of Congress voted on it without change, producing an overwhelming margin of victory: 423 to 3 in the House; and 99 to 0 in the Senate. On July 30, 2002, President George W. Bush signed it into law, stating it included "the most far-reaching reforms of American business practices since

8449-463: The contract with Azteca, alleging Azteca of filling up time allotted to CNI and not fulfilling the obligations in the contract. In December 2002, Azteca used private security guards to retake control of the XHTVM facilities on Cerro del Chiquihuite in Mexico City. However, the Mexican government stepped into the dispute and forced Azteca to relinquish control of XHTVM. In 2005, an employee strike that crippled CNI, Moreno Valle's mounting legal troubles, and

8568-604: The current territories of Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and the Mexican state of Chiapas , but excluded the lands that would become Belize and Panama. The president of the Audiencia, which had its seat in Antigua Guatemala , was the governor of the entire area. In 1609 the area became a captaincy general and the governor was also granted the title of captain general. The Captaincy General of Guatemala encompassed most of Central America, with

8687-471: The disclosure of all material off-balance sheet items. It also required an SEC study and report to better understand the extent of usage of such instruments and whether accounting principles adequately addressed these instruments; the SEC report was issued June 15, 2005. Interim guidance was issued in May 2006, which was later finalized. Critics argued the SEC did not take adequate steps to regulate and monitor this activity. The most contentious aspect of SOX

8806-463: The dissolution of the Federal Republic of Central America , countries like Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua continue to maintain a Central American identity. Belizeans are usually identified as culturally Caribbean rather than Central American, while Panamanians identify themselves more broadly with their South American neighbors. The Spanish-speaking countries officially include both North America and South America as

8925-490: The efficiency of investment, cash management, and chief executive officers' compensation relative to firms not targeted by SOX. Overall, the evidence suggests that SOX is effective in curbing the private benefits of control." Some have asserted that Sarbanes–Oxley legislation has helped displace business from New York to London, where the Financial Conduct Authority regulates the financial sector with

9044-664: The end of the most recent fiscal year of the Company , of the effectiveness of the internal control structure and procedures of the issuer for financial reporting". To do this, managers are generally adopting an internal control framework such as that described in COSO . To help alleviate the high costs of compliance, guidance and practice have continued to evolve. The Public Company Accounting Oversight Board (PCAOB) approved Auditing Standard No. 5 for public accounting firms on July 25, 2007. This standard superseded Auditing Standard No. 2,

9163-410: The estimates for 2017. The official language majority in all Central American countries is Spanish , except in Belize, where the official language is English . Mayan languages constitute a language family consisting of about 26 related languages. Guatemala formally recognized 21 of these in 1996. Xinca , Miskito , and Garifuna are also present in Central America. This region of the continent

9282-514: The exception of present-day Belize and Panama. The Captaincy General of Guatemala lasted for more than two centuries, but began to fray after a rebellion in 1811 which began in the Intendancy of San Salvador . The Captaincy General formally ended on 15 September 1821, with the signing of the Act of Independence of Central America . Mexican independence was achieved at virtually the same time with

9401-503: The existence of forest. The golden toad that once inhabited a small region in the Monteverde Reserve, which is part of the Talamancan montane forests, has not been seen alive since 1989 and is listed as extinct by IUCN. The exact causes for its extinction are unknown. Global warming may have played a role, because the development of that frog is typical for this area may have been compromised. Seven small mammals are endemic to

9520-427: The expected rate of full and accurate disclosure under Section 302 will range between 8 and 15 percent. A full 9 out of every 10 companies with ineffective Section 404 controls self reported effective Section 302 controls in the same period end that an adverse Section 404 was reported, 90% in accurate without a Section 404 audit. a. Rules To Prohibit. It shall be unlawful, in contravention of such rules or regulations as

9639-403: The foundations of the act. The act was approved in the House by a vote of 423 in favor, 3 opposed, and 8 abstaining and in the Senate with a vote of 99 in favor and 1 abstaining . President George W. Bush signed it into law, stating it included "the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt . The era of low standards and false profits

9758-444: The framework became known, was the first-ever attempt in corporate America to establish a universal definition of Internal Controls, along with proposed guidelines for governance, independence and quality assurance. The initial implementation of a SOX compliance project is complex and burdensome on public companies planning to list or maintaining its listing. Full compliance requires an integrated enterprise-wide initiative. The success of

9877-557: The future. On September 15, 2010 the SEC issued final rule 33–9142 the permanently exempts registrants that are neither accelerated nor large accelerated filers as defined by Rule 12b-2 of the Securities and Exchange Act of 1934 from Section 404(b) internal control audit requirement. Section 802(a) of the SOX, 18 U.S.C.   § 1519 states: Whoever knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes

9996-493: The headquarters of SICA with the inauguration of a new building. Until recently, all Central American countries maintained diplomatic relations with Taiwan instead of China. President Óscar Arias of Costa Rica, however, established diplomatic relations with China in 2007, severing formal diplomatic ties with Taiwan. After breaking off relations with the Republic of China in 2017, Panama established diplomatic relations with

10115-523: The incremental costs associated with SOX compliance. The screening of smaller firms with weaker governance attributes from U.S. exchanges is consistent with the heightened governance costs imposed by the Act increasing the bonding-related benefits of a U.S. listing. Under Sarbanes–Oxley, two separate sections came into effect—one civil and the other criminal. 15 U.S.C.   § 7241 (Section 302) (civil provision); 18 U.S.C.   § 1350 (Section 906) (criminal provision). Section 302 of

10234-651: The initial guidance provided in 2004. The SEC also released its interpretive guidance on June 27, 2007. It is generally consistent with the PCAOB's guidance, but intended to provide guidance for management. Both management and the external auditor are responsible for performing their assessment in the context of a top-down risk assessment , which requires management to base both the scope of its assessment and evidence gathered on risk. This gives management wider discretion in its assessment approach. These two standards together require management to: SOX 404 compliance costs represent

10353-613: The integration agenda was further advanced by the creation of the Central American Integration System ( Sistema para la Integración Centroamericana , or SICA). SICA provides a clear legal basis to avoid disputes between the member states. SICA membership includes the 7 nations of Central America plus the Dominican Republic , a state that is traditionally considered part of the Caribbean. On 6 December 2008, SICA announced an agreement to pursue

10472-495: The intention of Sec. 302 in Final Rule 33–8124. In it, the SEC defines the new term " disclosure controls and procedures," which are distinct from " internal controls over financial reporting ". Under both Section 302 and Section 404, Congress directed the SEC to promulgate regulations enforcing these provisions. External auditors are required to issue an opinion on whether effective internal control over financial reporting

10591-626: The largest located near the border with Nicaragua. In Nicaragua, cloud forests are situated near the border with Honduras, but many were cleared to grow coffee. There are still some temperate evergreen hills in the north. The only cloud forest in the Pacific coastal zone of Central America is on the Mombacho volcano in Nicaragua. In Costa Rica, there are laurel forests in the Cordillera de Tilarán and Volcán Arenal , called Monteverde , also in

10710-568: The listing preferences of large foreign firms choosing between U.S. exchanges and the LSE's Main Market did not change following SOX. In contrast, they find that the likelihood of a U.S. listing among small foreign firms choosing between the Nasdaq and LSE's Alternative Investment Market decreased following SOX. The negative effect among small firms is consistent with these companies being less able to absorb

10829-512: The longest are the Sierra Madre de Chiapas , the Cordillera Isabelia and the Cordillera de Talamanca . At 4,220 meters (13,850 ft), Volcán Tajumulco is the highest peak in Central America. Other high points of Central America are as listed in the table below: Between the mountain ranges lie fertile valleys that are suitable for the raising of livestock and for the production of coffee, tobacco, beans and other crops. Most of

10948-524: The measure said that SOX has been a "godsend" for improving the confidence of fund managers and other investors with regard to the veracity of corporate financial statements. The 10th anniversary of SOX coincided with the passing of the Jumpstart Our Business Startups (JOBS) Act , designed to give emerging companies an economic boost, and cutting back on a number of regulatory requirements. A variety of complex factors created

11067-402: The oversight role of boards of directors and the independence of the outside auditors who review the accuracy of corporate financial statements. The bill was enacted as a reaction to a number of major corporate and accounting scandals , including those affecting Enron , Tyco International , Adelphia , Peregrine Systems , and WorldCom . These scandals cost investors billions of dollars when

11186-533: The past five quarters (15 months), primarily by improperly accounting for its operating costs. Senator Sarbanes introduced Senate Bill 2673 to the full Senate that same day, and it passed 97–0 less than three weeks later on July 15, 2002. The House and the Senate formed a Conference Committee to reconcile the differences between Sen. Sarbanes's bill (S. 2673) and Rep. Oxley's bill (H.R. 3763). The conference committee relied heavily on S. 2673 and "most changes made by

11305-459: The perceived benefits and costs of SOX. Opponents of the bill have claimed it has reduced America's international competitive edge because it has introduced an overly complex regulatory environment into US financial markets. A study commissioned by then New York City Mayor Michael Bloomberg and New York Senator Chuck Schumer cited this as one reason America's financial sector is losing market share to other financial centers worldwide. Proponents of

11424-415: The period in which the periodic reports are being prepared". 15 U.S.C.   § 7241(a)(4) . The officers must "have evaluated the effectiveness of the company 's internal controls as of a date within 90 days prior to the report" and "have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date". Id. . The SEC interpreted

11543-478: The population of Honduras, Costa Rica and Guatemala lives in valleys. Trade winds have a significant effect upon the climate of Central America. Temperatures in Central America are highest just prior to the summer wet season , and are lowest during the winter dry season , when trade winds contribute to a cooler climate. The highest temperatures occur in April, due to higher levels of sunlight, lower cloud cover and

11662-528: The privatization, the Imevisión stations were parceled into a variety of newly created companies, the largest of which was named Televisión Azteca, S.A. de C.V. With the exception of Canal 22 , which was spun off to Conaculta , one bidder won all of the stations. On July 18, 1993, Mexico's Finance Ministry, the Secretaría de Hacienda y Crédito Público (SHCP), announced that Radio Televisora del Centro,

11781-478: The problems: inadequate oversight of accountants, lack of auditor independence, weak corporate governance procedures, stock analysts' conflict of interests, inadequate disclosure provisions, and grossly inadequate funding of the Securities and Exchange Commission. The House passed Rep. Oxley's bill (H.R. 3763) on April 24, 2002, by a vote of 334 to 90. The House then referred the "Corporate and Auditing Accountability, Responsibility, and Transparency Act" or "CAARTA" to

11900-501: The purpose of rendering such financial statements materially misleading. b. Enforcement. In any civil proceeding, the Commission shall have exclusive authority to enforce this section and any rule or regulation issued under this section. c. No Preemption of Other Law. The provisions of subsection (a) shall be in addition to, and shall not supersede or preempt, any other provision of law or any rule or regulation issued thereunder. d. Deadline for Rulemaking. The Commission shall—1. propose

12019-515: The region are made by creating ecoregions and nature reserves. 36% of Belize's land territory falls under some form of official protected status, giving Belize one of the most extensive systems of terrestrial protected areas in the Americas. In addition, 13% of Belize's marine territory are also protected. A large coral reef extends from Mexico to Honduras: the Mesoamerican Barrier Reef System . The Belize Barrier Reef

12138-404: The region's flora and fauna are threatened, 107 of which are classified as critically endangered. The underlying problems are deforestation , which is estimated by FAO at 1.2% per year in Central America and Mexico combined, fragmentation of rainforests and the fact that 80% of the vegetation in Central America has already been converted to agriculture. Efforts to protect fauna and flora in

12257-407: The region. In 2010 Belize had 63% of remaining forest cover, Costa Rica 46%, Panama 45%, Honduras 41%, Guatemala 37%, Nicaragua 29%, and El Salvador 21%. Most of the loss occurred in the moist forest biome , with 12,201 square kilometers (4,711 sq mi). Woody vegetation loss was partially set off by a gain in the coniferous forest biome with 4,730 square kilometers (1,830 sq mi), and

12376-534: The result of which produced the republic of Gran Colombia . After the dissolution of Gran Colombia in 1830, Panama became part of a successor state, the Republic of New Granada . From 1855 until 1886, Panama existed as Panama State , first within the Republic of New Granada, then within the Granadine Confederation , and finally within the United States of Colombia . The United States of Colombia

12495-723: The rules or regulations required by this section, not later than 90 days after the date of enactment of this Act; and 2. issue final rules or regulations required by this section, not later than 270 days after that date of enactment. The bankruptcy of Enron drew attention to off-balance sheet instruments that were used fraudulently. During 2010, the court examiner's review of the Lehman Brothers bankruptcy also brought these instruments back into focus, as Lehman had used an instrument called "Repo 105" to allegedly move assets and debt off-balance sheet to make its financial position look more favorable to investors. Sarbanes–Oxley required

12614-471: The same seniority status that the employee would have had, but for the discrimination; (B) the amount of back pay, with interest; and (C) compensation for any special damages sustained as a result of the discrimination, including litigation costs, expert witness fees, and reasonable attorney fees. A claim under the anti-retaliation provision of the Sarbanes–Oxley Act must be filed initially at

12733-455: The share prices of affected companies collapsed, and shook public confidence in the US securities markets . The act contains eleven titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the law. Harvey Pitt , the 26th chairman of the SEC, led

12852-687: The signing of the Treaty of Córdoba and the Declaration of Independence of the Mexican Empire , and the entire region was finally independent from Spanish authority by 28 September 1821. From its independence from Spain in 1821 until 1823, the former Captaincy General remained intact as part of the short-lived First Mexican Empire . When the Emperor of Mexico abdicated on 19 March 1823, Central America again became independent. On 1 July 1823,

12971-579: The spring and autumn. As a bridge between North America and South America, Central America has many species from the Nearctic and the Neotropical realms . However the southern countries (Costa Rica and Panama) of the region have more biodiversity than the northern countries (Guatemala and Belize), meanwhile the central countries (Honduras, Nicaragua and El Salvador) have the least biodiversity. The table below shows recent statistics: Over 300 species of

13090-501: The summits and slopes of the highest mountains in Central America ranging from Southern Mexico, through Guatemala, El Salvador, and Honduras, to northern Nicaragua. The entire ecoregion covers an area of 13,200 square kilometers (5,100 sq mi) and has a temperate climate with relatively high precipitation levels. Ecoregions are not only established to protect the forests themselves but also because they are habitats for an incomparably rich and often endemic fauna. Almost half of

13209-428: The time of Franklin D. Roosevelt ". A significant body of academic research and opinion exists regarding the costs and benefits of SOX compliance, with significant differences in conclusions. This is due in part to the difficulty of isolating the impact of SOX from other variables affecting the stock market and corporate earnings. Section 404 of the act, which requires management and the external auditor to report on

13328-482: The viceroyalty of New Spain from Mexico City as the Captaincy General of Guatemala . On 24 August 1821, Spanish Viceroy Juan de O'Donojú signed the Treaty of Córdoba , which established New Spain's independence from Spain. On 15 September 1821, the Act of Independence of Central America was enacted to announce Central America's separation from the Spanish Empire and provide for the establishment of

13447-676: Was administered as part of the Viceroyalty of Peru , along with all other Spanish possessions in South America. Panama remained as part of the Viceroyalty of Peru until 1739, when it was transferred to the Viceroyalty of New Granada , the capital of which was located at Santa Fé de Bogotá . Panama remained as part of the Viceroyalty of New Granada until the disestablishment of that viceroyalty in 1819. A series of military and political struggles took place from that time until 1822,

13566-706: Was favorable to both TV Azteca and Televisa (who together control 95 percent of all television frequencies) because it allowed them to renew their licenses without paying for them. According to The Economist , the Ley Federal de Radio y Televisión "raced through Congress confirming the country's longstanding television duopoly" and constituted a "giveaway of radio spectrum and a provision that allows broadcasting licenses to be renewed more or less automatically". In February 2012, TV Azteca networks ( Azteca 7 , Azteca 13 , and Proyecto 40 ) were dropped by Mexican cable-TV carriers representing more than 4 million subscribers in

13685-464: Was granted by the SEC for the outside auditor assessment until years ending after December 15, 2009. The reason for the timing disparity was to address the House Committee on Small Business concern that the cost of complying with Section 404 of the Sarbanes–Oxley Act of 2002 was still unknown and could therefore be disproportionately high for smaller publicly held companies. On October 2, 2009,

13804-625: Was inhabited by the Indigenous peoples of Mesoamerica to the north and west and the Isthmo-Colombian peoples to the south and east. Following the Spanish expedition of Christopher Columbus ' voyages to the Americas , Spain began to colonize the Americas . From 1609 to 1821, the majority of Central American territories (except for what would become Belize and Panama, and including the modern Mexican state of Chiapas ) were governed by

13923-626: Was maintained in all material respects by management. This is in addition to the financial statement opinion regarding the accuracy of the financial statements. The requirement to issue a third opinion regarding management's assessment was removed in 2007. A Lord & Benoit report, titled Bridging the Sarbanes–Oxley Disclosure Control Gap , was filed with the SEC Subcommittee on internal controls which reported that those companies with ineffective internal controls,

14042-482: Was replaced by the Republic of Colombia in 1886. As part of the Republic of Colombia, Panama State was abolished and it became the Isthmus Department . Despite the many political reorganizations, Colombia was still deeply plagued by conflict, which eventually led to the secession of Panama on 3 November 1903. Only after that time did some begin to regard Panama as a North or Central American entity. By

14161-401: Was seen in the coniferous woody vegetation of Honduras. The Central American pine-oak forests ecoregion, in the tropical and subtropical coniferous forests biome, is found in Central America and southern Mexico. The Central American pine-oak forests occupy an area of 111,400 square kilometers (43,000 sq mi), extending along the mountainous spine of Central America, extending from

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