Internal Controls

A&A

PCAOB Issues Alert No. 11 on Internal Control Audit Deficiencies

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.
A&A

SOX Compliance Survey Shows Need for More Scrutiny on High-Risk Processes

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.
A&A

COSO Issues Updated Internal Control-Integrated Framework, Related Illustrative Documents

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.
A&A

Internal Auditors Finding New Ways to Add Value in Expanded Role

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.
Education & Careers

Rise and Shine - Florida Firm Helps Nonprofits

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.
A&A

SEC Charges CFO with Diverting Company Dollars

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.
A&A

COSO Framework Holding Strong - Getting a Polish

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.
A&A

Bank Controls Lacking, Regulation Insufficient

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.
A&A

Rebuilding our economy in 2010: How SOX helps to build trust

Our founders understood that, to the degree that citizens could not self-govern their own behavior internally, then external government would have to step in and govern their behavior.
A&A

How the rise of SaaS relates to SOX, SAS 70, and your legal contracts

The growing popularity of Software-as-a-Service (SaaS) is having a significant impact on data security and regulations compliance.
A&A

SOX 404 compliance process shows room for improvement

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.