All Internal Control over Financial Reporting articles
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ArticleWEX fined $350K over ICFR weaknesses
Financial technology service provider WEX agreed to pay $350,000 as part of a settlement with the SEC regarding violations of internal accounting control provisions in the federal securities laws at its former Brazilian subsidiary.
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Article
ICFR failures cost Tandy Leather in SEC settlement
Tandy Leather Factory and its former CEO have agreed to pay a total of $225,000 as part of a settlement with the SEC to resolve charges of inaccurate financial reporting caused by a faulty inventory tracking system.
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Article
SEC subpoenas Mattel in accounting probe
Mattel announced it has received a subpoena from the Securities and Exchange Commission seeking documents related to a previously disclosed investigation that had uncovered accounting errors.
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Article
Mattel ousts CFO after accounting probe reveals weaknesses
Following an investigation spurred by a whistleblower letter, Mattel announced it has uncovered material weaknesses in its internal controls over financial reporting and is now working to remediate the issues.
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Article
Market punishes auditors who flag control issues, study says
Auditors walk a fine line in reporting adverse internal controls, straddling regulators when they fail to flag weaknesses but punished in the market when they do.
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Blog post
Kraft Heinz discloses probe, takes $15.4B impairment charge
Following a string of accounting and reporting problems, Kraft Heinz Co. disclosed it is under investigation by the SEC and reported a $15.4 billion impairment charge.
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Article
Earliest revenue restatements fix adoption problems
While most public companies have yet to complete a full year of reporting under new revenue recognition rules, some are already finding reasons to restate.
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Blog post
SEC settles with 4 companies over prolonged control lapses
Apparently thumbing their noses at internal control requirements, four public companies have now settled charges with the SEC over prolonged failures to maintain ICFR.
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Blog post
PCAOB report gives Deloitte its lowest deficiency rate
Deloitte Touche’s recently published 2017 audit inspection report reflects the lowest deficiency rate the firm has ever earned.
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Blog post
SEC plans focus on internal controls at year-end
Given big changes companies are undertaking in their accounting processes, staff at the SEC plan to pay special attention to internal controls.
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Blog post
PCAOB plans continued focus on review controls in 2019
The PCAOB saw some improvement in the audit of management review controls during its 2018 inspections, but it’s still an area of focus into 2019.
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Blog post
New GAAP rules drive audit fee increases, poll says
New accounting standards and M&A activity are driving modest increases in audit fees for public companies, according to a new FERF survey.
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Blog post
Two big holdouts still follow 1992 COSO framework
A handful of holdouts are still disclosing they comply with SOX internal control reporting requirements by following a defunct COSO framework.
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Article
Preparers issue self-driven guides on ICFR over leases, CECL
ICFR guides by preparers and for preparers are meant to help the preparer community develop and document internal controls over leases and CECL adoptions.
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Article
Cigna, Wells Fargo describe journey to high-tech ICFR
Technology is permeating internal control over financial reporting, and one of its pioneers says the transition is possible even without a tech background.
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Blog post
Rite Aid shareholders vote against Deloitte as auditor
A sizable chunk of Rite Aid’s shareholders has told the board it would like to dismiss Deloitte and hire a new audit firm.
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Blog post
FEI group provides guides on leases, CECL controls
FEI’s corporate reporting group has developed its own guides for preparers on how to assure sound controls with major new accounting adoptions.
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Blog post
PCAOB censures Deloitte Mexico partners in cross-border audits
The PCAOB has disciplined three partners at Deloitte Mexico, citing failures in cross-border audits that affected U.S. opinions.
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Blog post
Adverse audit opinions on ICFR taper off in 2017
For the first time since 2010, adverse auditor opinions on internal control over financial reporting tapered off in 2017.
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Blog post
PCAOB calls out two-thirds of audits at BDO USA
The PCAOB has handed BDO USA another scathing inspection report, finding 67 percent of the audits examined in 2016 failed to comply with standards.
