All Internal Controls articles
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Blog
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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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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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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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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How Hain Celestial improved its revenue recognition practices
The Hain Celestial Group recently settled charges with the Securities and Exchange Commission resulting from weaknesses in its internal controls. Why the food company was not assessed a monetary penalty is where the compliance lessons lie.
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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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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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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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SEC warns companies to control phishing losses
The SEC has put companies on notice that their internal controls need to consider the risk of cyber-attack, especially e-mail “phishing” scams.
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SEC, FASB issue changes aimed at simplifying disclosure requirements
Companies need to update their disclosure controls and procedures now that the SEC and FASB are starting to trim unnecessary bulk out of disclosure requirements.
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Moody’s to pay $16.25M for internal controls failures and ratings symbols deficiencies
The SEC has filed its first-ever enforcement action involving rating symbol deficiencies, hitting Moody’s Investors Service with $16.25 million in penalties to settle charges involving internal control failures and failing to clearly define and consistently apply credit rating symbols.
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SOX-related audit costs rise again in 2017, poll says
Half of the largest public companies saw SOX-related audit costs rise in 2017, driven by regulatory pressure, M&A activity, and new accounting rules.
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Companies plan to automate internal controls, poll says
Companies are migrating toward automating their internal control over financial reporting, according to a recent survey by Financial Executives Research Foundation.
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Payroll controls and compliance
How can payroll help when operationalizing a compliance program? Tom Fox explores payroll’s role and the four key areas that should be considered when reviewing compliance goals.
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Auditors plan deeper dives into outsource provider reports
As guidance changes and regulators continue to hammer on internal controls, auditors are starting to dig deeper into reports provided by outsourced service providers.
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India’s garment industry put through the wringer
A recent report illustrating substantial environmental issues in India’s garment industry offers a roadmap all companies could benefit from when monitoring and auditing supply chains.
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Kinross and internal controls
There are some important lessons that can be garnered by CCOs when examining recent FCPA internal control violations made by Canadian gold and silver mining company Kinross.
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Post-mortem on Theranos—where were the controls?
Theranos’s fall from grace is one large-scale compliance failure. The reason? It’s all about internal controls, writes The Man From FCPA.
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The board's role in internal controls
Internal controls for a board or board compliance committee should be broken down into five concepts, says The Man From FCPA.
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FERF finds more evidence of audit cost creep in 2016
Another new study confirms public company audit costs inched upward in 2016, albeit by a smaller amount than in 2015.