Internal Controls

As a forensic accountant, my first contact with clients often occurs when they suspect they’ve been victimized by fraud; usually they’re right. Initially, my job is to determine the nature and extent of the theft, to identify the perpetrators and, if possible, to help them recover the loss. Most often, fraud victims are shocked and […]

According to a review of regulatory filings during the month of March, 28 companies disclosed material weaknesses or significant deficiencies in internal controls, or provided updates on the status of their control-improvement processes. That number is up from 18 similar disclosures in February, and 23 in January. (See box at right for previous months’ data). […]

As expected, the Public Company Accounting Oversight Board has approved its long-awaited standard for audits of internal control over financial reporting. The auditing standard, known officially as “An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements,” addresses both the work that is required to audit internal control […]

Earlier this month, the SEC extended the compliance date for the internal control provisions of Sarbanes-Oxley. Accelerated filers will now need to comply for their first fiscal year ending on or after Nov. 15, 2004. The original compliance date was June 15. This week, we talk to Jefferson Wells CEO Owen Sullivan — whose firm […]

According to a review of regulatory filings during the month of February, 18 companies disclosed material weaknesses or significant deficiencies in internal controls, or provided updates on the status of their control-improvement processes. In January, 23 companies made similar disclosures. (See box at right for previous months’ data). Types Of Weaknesses Over one-third of the […]

Last week, the SEC extended the compliance date for the internal control provisions of Sarbanes-Oxley. Accelerated filers will now need to comply for their first fiscal year ending on or after Nov. 15, 2004. The original compliance date was June 15. (Click here for details). This week, we talked with Lynn Edelson, the Global Leader […]

Last week, the SEC extended the compliance date for the internal control provisions of Sarbanes-Oxley. Accelerated filers will now need to comply for their first fiscal year ending on or after Nov. 15, 2004. The original compliance date was June 15. (Click here for details). This week, we talked with Lynn Edelson, the Global Leader […]

When crises of corporate conduct reveal widespread shortcomings in public company disclosure, lawmakers and regulators turn to questions of internal controls. Dissatisfied with the output of corporate reporting, they tinker with its inputs and the processes that connect the one to the other. With the new certification and attestation requirements of the Sarbanes-Oxley Act, this […]