A staff audit practice alert issued by the PCAOB on October 24 let auditors know about a large number of audit deficiencies the PCAOB has seen in the last three years related to audits of internal control over financial reporting.
Demand for added attention to high-risk processes, growing costs, and the increasing role of IT controls and testing reports are some of the key changes and challenges companies faced over the last year.
COSO – an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence – issued its updated Internal Control-Integrated Framework and related illustrative documents.
Chief audit executives (CAEs) are working to expand their roles within their organizations, moving from their traditional focus on compliance to include suggesting ways to improve processes and providing insights that influence strategy, according to a Grant Thornton LLP survey.
Myers, Brettholtz & Company's free Quickinars, presented in partnership with the Southwest Florida Community Foundation and the United Way, focus on accounting practices and requirements specifically geared toward nonprofit organizations.
The SEC has charged a former CFO of a Minnesota-based computer networking device manufacturer for secretly diverting company funds to cover unauthorized personal expenses and other employees' entertainment expenses.
J. Stephen McNally, CPA, provides an overview of COSO and his perspective on how it has been leveraged by such companies as Campbell Soup. In addition, he offers insight into COSO's recent ICIF Refresh Project.
Significant losses by banks have demonstrated the need for improved risk management and internal controls to avoid past mistakes. To be successful, these changes require a stronger ethical culture, not more of the same regulatory actions that failed in the past.
It has been almost eight years since the passage of the Sarbanes-Oxley Act (SOX), yet companies still report inefficiencies in their implementation of internal accounting controls, according to a survey by Ajilon Finance.