All ICFR articles – Page 5
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Blog
PCAOB sees some improvement, yet room for more
Based on its latest round of audit inspections in 2017, the PCAOB found some improvement at some firms, but still plenty of work to do to meet standards.
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Blog
Audit tensions often precede control weaknesses, study says
If tensions are rising between a given company and its external auditor, there’s a greater chance the company will be reporting internal control weaknesses.
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Blog
House panel ponders rollbacks, including internal control audits
A House sub-committee is asking whether federal regulation has hindered the growth of public companies, including Sarbanes-Oxley auditing of internal controls.
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Blog
Auditors get notice to scrutinize SAB 74 disclosures
Auditors have been notified to be alert to whether corporate SAB 74 disclosures about pending new accounting standards are adequate.
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Blog
SOX exemption saves plenty, costs more, study says
A new study calculates the cost and benefit of exempting smaller companies from SOX internal control audits — and it suggests investors aren't better off.
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Article
Have you vetted fraud risk under new revenue standard?
The risk of fraud in revenue recognition is growing as companies’ sluggish adoption of new rules creates fresh opportunities for would-be perpetrators.
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Blog
Senators press PCAOB for answers on KPMG audit of Wells Fargo
U.S. Senators are asking how KPMG could know Wells Fargo had fake accounts on the books, but not flag it as relevant to the financial statement audit.
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Blog
With attest tool to come, AICPA issues cyber reporting framework
The accounting profession is getting some new tools to deploy in their growing involvement with addressing cyber-risk.
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Blog
To combat fraud, check accounting policies, internal controls
In the battle against fraud and restatements, a company’s best allies are strong accounting policies and well-documented internal controls, a new report says.
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Article
Still battling over internal control? Focus on risk assessments, communication
In the continually evolving battle over internal control reporting and auditing, the strategy for the next front should include better risk assessments and timely communication with auditors. Tammy Whitehouse has more.
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Blog
2016 PCAOB inspection results will deliver mixed results
When 2016 inspection results are published on the major audit firms next year, they will show an overall reduction in adverse findings, but also a spike in findings for at least one Big 4 firm. Tammy Whitehouse has more.
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Blog
SEC signals continued intensity around internal controls
As the year-end audit cycle approaches, regulators are signaling that their expectations around internal control over financial reporting are not diminishing. Tammy Whitehouse reports.
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Article
The PCAOB must provide better guidance for ICFR
When it comes to better understanding how to live up to Auditing Standard No. 5, “talk to your auditors” is poor advice, writes Bob Conway.
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Blog
Adopting the 2013 COSO framework: fiscal 2015 update
Data gathered by Protiviti and Audit Analytics from fiscal 2015 annual reports show that the implementation of the COSO framework for audited internal control over financial reporting is almost complete: 96 percent of companies reviewed used the 2013 Framework, in comparison to 82 percent for fiscal 2014. Tammy Whitehouse reports.
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Article
More Hints on Putting New COSO to Work
It’s official: The SEC will not roast companies over an open flame if they continue to use the old COSO framework for internal controls into 2015. That said, SEC staffers also warned at the annual AICPA conference last week that their largesse will not last long, and a bevy of ...
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