Internal Control

  • Blog post

    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 post

    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 post

    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 post

    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 post

    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 post

    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 post

    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
    Blog post

    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 ...

  • Blog post

    CAQ Reminds Auditors of Hot-Button Audit Issues


    Image: A new Center for Audit Quality alert highlights issues that auditors will need to pay special attention to in the year-end review, such as revenue recognition, related-party transactions, and more. “This alert summarizes potential areas of risk and can be a useful resource for our auditing firm members as ...