Sarbanes-Oxley

A&A

Many Companies Slow to Implement 2013 COSO Framework

According to a new Protiviti survey, 48 percent of the more than 600 audit executives and professionals surveyed reported that their organization had not yet applied the new internal control framework as of the first quarter of 2014.
A&A

PCAOB Report Highlights Deficiencies in Broker-Dealer Audits

Officials from the Public Company Accounting Oversight Board (PCAOB) said on August 19 that deficiencies were found in all sixty of the broker-dealer audits conducted by audit firms that the PCAOB inspected last year – and in 95 percent of the individual audits selected for inspection.
A&A

PCAOB Gives Audit Firms a Mixed Review

The PCAOB issued a cautiously optimistic report on US auditors' performance, saying the Board found a reduced rate of "significant audit performance deficiencies" compared to its last review in 2007; however, the Board did note that problems persist.
A&A

Has SOX Been Successful?

Sometimes overlooked in the debate about SOX are the contributions it has made in generating a greater focus on improved corporate governance and stronger ethics and compliance programs. Needed improvement in audit quality is a continuing concern.
A&A

PCAOB Publishes 'Primer' for Audit Committees

Auditors often dismiss the importance of inspections by the PCAOB, so the PCAOB is offering company audit committees some pointers about the inspection process in its report published August 1.
A&A

Best Practices for the Account Reconciliation Process

Account reconciliation is an underappreciated yet critical control to help ensure an organization's financial integrity. Weaknesses and inefficiencies in the reconciliation process often lead to inaccuracies.
A&A

SOX Has Restored Investors' Confidence

Ernst & Young has released a report - "The Sarbanes-Oxley Act at 10" - that considers the legislation, discusses what it was designed to do, and analyzes its impact.
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.
Practice Development

The JOBS Act: Economic Solution or Investor Nightmare?

In an effort to jump-start the US economy and create more jobs, both the House and Senate passed the Jumpstart Our Business Startups (JOBS) Act, and President Obama signed the act into law April 8, 2012.
A&A

Update: Obama Signs JOBS Act: What's in It for You?

The Jumpstart Our Business Startups (JOBS) Act has been touted as the latest attempt to revive and stimulate the economy, with its key element focused on applying a concept called crowdfunding to small businesses.
A&A

Review of the PCAOB's Enforcement and Investigations Program

In his January 2012 letter to Mary Schapiro, chairman, SEC, James Doty, Chairman, PCAOB, stated, "I am pleased to transmit to you a summary of the PCAOB's most recent performance review, Review of the Public Company Accounting Oversight Board's Enforcement and Investigations Program."
Tax

Increased motivation for whistle-blowing

New statutory and regulatory changes provide greater rewards to individuals who blow the whistle on fraudulent activities and to organizations that actively encourage an effective ethical culture.
A&A

What is known, unknown about financial reform law

At 2,300 pages, the Dodd-Frank Wall Street Reform and Consumer Protection Act is, by most definitions, a monumental piece of legislation. It also is one of the most sweeping reforms of the American financial system since the Great Depression.
A&A

PCAOB addresses failure-to-supervise provision

The Public Company Accounting Oversight Board has issued its views regarding the provision of the Sarbanes-Oxley Act of 2002 that authorizes the PCAOB to impose sanctions on registered public accounting firms and their supervisory personnel for failing to reasonably supervise associated persons.
A&A

Additional details on new financial reform act

Currently consumer protection for various financial products, such as credit cards and mortgages, falls to different groups. The Restoring American Financial Stability Act of 2010 (RAFS), signed into law by President Barack Obama this week, changes all that.
Technology

What CPAs need to know about Cloud security

No computing environment is completely secure. However, some environments are more secure than others.
A&A

UPDATE: Supreme Court rules PCAOB violates Constitution's separation of powers principle

The U.S. Supreme Court this week ruled that the Public Company Accounting Oversight Board violates the U.S. Constitution's separation of powers principle.
Tax

More whistleblowers needed, organizational transgression appears to be growing

Whistleblowers are still a major source for uncovering fraud and wrongdoing within companies, but being a whistleblower is a difficult, arduous process with an uncertain conclusion.
A&A

Not all restatements are the same to the stock market

Market reaction to the announcement of an accounting restatement is generally negative, but not all restatements are regarded alike, according to a study by Audit Analytics of the 1,876 restatements filed in 2006, when restatements were at a record high.
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.

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