All Internal Control articles
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ArticleMigration 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.
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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
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
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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BlogSEC 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 ...