Internal Controls

In filing a 10-Q last week, video giant Blockbuster became one of only a handful of companies to date to tell the Securities and Exchange Commission about a change to internal control over financial reporting regarding an upgrade to financial systems. Blockbuster informed the Commission that it had recently “implemented PeopleSoft Financial Modules, a new […]

In filing a 10-Q last week, video giant Blockbuster became one of only a handful of companies to date to tell the Securities and Exchange Commission about a change to internal control over financial reporting regarding an upgrade to financial systems. Blockbuster informed the Commission that it had recently “implemented PeopleSoft Financial Modules, a new […]

Companies have one more month to comment on proposed revisions to the Turnbull Guidance, which sets out “best practices” on internal control for public companies in the United Kingdom, and assists them in complying with internal control requirements. Almost exactly one year ago, the UK-based Financial Reporting Council established a group to review the 14-page […]

Advisors to the Securities and Exchange Commission have recommended regulators lighten up on smaller public companies by delaying internal control reporting requirements, and by scrapping or postponing accelerating filing deadlines. At the same time, the advisory group is working on a new definition for “smaller” that, if ultimately adopted, would cast a much larger net […]

Companies have one more month to comment on proposed revisions to the Turnbull Guidance, which sets out “best practices” on internal control for public companies in the United Kingdom, and assists them in complying with internal control requirements. Almost exactly one year ago, the UK-based Financial Reporting Council established a group to review the 14-page […]

COMMENTS The SEC Advisory Committee on Smaller Public Companies is seeking input from the public on ways to improve the current regulatory system for smaller companies under the securities laws of the United States, including the Sarbanes-Oxley Act of 2002. Comments may be sent to the SEC in three ways: Online Click Here To Use […]

With the advent of new financial reporting legislation and regulations—namely, the now-infamous Section 404 of Sarbanes-Oxley—companies may be calling more frequently on internal auditors to issue opinions on the adequacy of internal controls. That’s right: internal auditors. While SOX 404 requires external auditors to sign off on management’s assessment of the effectiveness of their internal […]

Section 404 of The Sarbanes-Oxley Act of 2002 obliges companies to report only material weaknesses in internal controls over financial reporting, not significant deficiencies. However, there’s a catch, and it can be found in the standard used by accounting firms to audit a company’s internal control over financial reporting, as promulgated by the Public Company […]

At many firms, the model employee comes in early, leaves late, and never takes the maximum allotted sick and vacation time. Unfortunately, some of those who seem dedicated to their desk are thieves; they can’t leave, because then someone will find out about their sham bank accounts, vendor kickbacks, or phantom expense reports. Research of […]