All Internal Control articles

  • TechMigration

    Migration to new SOX technology picks up pace, report says


    Amid persistent cost and compliance challenges with internal controls, the pace of migration toward new accounting technologies appears to be picking up.

  • 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.

  • Blog

    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.

  • Blog

    Citigroup will pay $10.5 million for internal controls failures


    The SEC says Citigroup has agreed to pay $10.5 million in penalties to settle two enforcement actions involving its books and records, internal accounting controls,and trader supervision.

  • Blog

    COSO publishes ERM examples to show case studies


    COSO has published an addendum to its ERM framework to illustrate examples of how to apply the framework to real situations.

  • Blog

    Barclays trying not to be the U.K.’s Wells Fargo


    As one of the U.K.'s top banks struggles with numerous scandals, its audit committee shows there is still a way forward.

  • Blog

    COSO appoints new chair, may consider internal control guidance


    As new leadership takes the helm at COSO, the board is considering whether it can help sort out ongoing tension over public company internal control reporting.

  • Blog

    PCAOB delivers improved report card on Grant Thornton


    Grant Thornton's latest PCAOB inspection report, dating to 2016, shows improvement over prior year results.

  • Article

    Companies gear up for Q4 dash to revenue rule ready date


    As the fourth quarter approaches, companies are expected to break into a sprint to complete their efforts to adopt new revenue recognition requirements.

  • Blog

    PCAOB flags increased number of audits at Crowe


    After several years of steadily improving results, Crowe Horwath saw an increase in adverse findings in its latest PCAOB inspection report.

  • Blog

    Study asserts link between control weaknesses, fraud


    Academics say they have identified a link between internal control weaknesses and later revelations of fraud, lending fresh support to key provisions of SOX.

  • Blog

    COSO issues new fraud risk management guide


    COSO, author of the most widely accepted internal control framework in the United States has released a new guide meant to help companies beef up their fraud risk management. More from Tammy Whitehouse.

  • Blog

    Audit inspections show some gains in internal control


    The PCAOB is encouraged by improvements it sees in audit inspections in internal control, but the agency is still troubled by the nature of the problems it identifies. Tammy Whitehouse reports.

  • Blog

    Accounting class actions rise again in 2015, analysis shows


    Accounting-related class-action settlements jumped to $2.6 billion in 2015, with 86 percent of the cases involving allegations of internal control weaknesses, according to the latest analysis by Cornerstone Research. The largest increase in settled cases in 2015 involved cases where investors raised allegations of internal control weaknesses but the company ...

  • Blog

    Audit regulators globally call on big firms for faster improvement


    Audit regulators globally say they aren’t satisfied with inspection results the past few years and are working with the six largest global audit networks—Deloitte, EY, KPMG, PwC, BDO, and Grant Thornton—to step up the pace of improvement. The International Forum of Independent Audit Regulators, a global association of audit regulators ...

  • Blog

    Internal Controls Trump New Rules in List of Worries, KPMG Finds


    According to a recent KPMG poll, continued pressure on internal control over financial reporting is the most pressing concern for financial reporting executives. Nearly one-third of 400 respondents, or 31 percent, said internal controls are at the top of their worry list beyond their basic financial reporting responsibilities. One-fourth, or ...

  • Article

    More Questions, and Evidence, on Undisclosed Control Weaknesses


    Image: Fresh data from the PCAOB is raising awkward questions about whether companies and audit firms really are disclosing all the weaknesses in internal control over financial reporting that the Sarbanes-Oxley Act requires. PCAOB board member Jeanette Franzel presented the data in a recent speech that should prompt some soul-searching ...

  • Blog

    The Consequences of Baltimore and Body Cameras


    Image: The protests and riots in Baltimore last week over police brutality make the question of body cameras for law enforcement ever more pressing. Are they effective controls against misconduct? Yes, Compliance Week editor Matt Kelly says. But when you consider what they say about the state of our ethical ...

  • Blog

    COSO Relates Frameworks to Cyber Risks


    COSO is urging companies to look at its framework with not just financial controls in mind, but cyber-security as well. A paper from the Committee details how the five components of internal control apply to the assessment of cyber-risks, with discussion on how the principles underlying the risk assessment, control ...

  • AAIssuesBreakdown

    SEC Declining to Comment (in Letters)


    The number of SEC comment letters regarding 10-Ks and 10-Qs issued during the first six months of 2014 decreased about 25 percent compared to the same period in 2013, according to Audit Analytics. In our latest guest post from the firm, Audit Analytics look at the most comment types of ...