All Internal Controls articles – Page 8
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Shop Talk: Useful Metrics, Effective Training
Effective compliance programs hinge on good training and proper metrics to see how your training influences employee behavior. That was the subject of Compliance Week’s latest executive roundtable, held in Washington and sponsored by LRN. Complete coverage is inside, from what effective metrics look like to how effective training works.
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More Hints on Putting New COSO to Work
It’s official: The SEC will not roast companies over an open flame if they continue to use the old COSO framework for internal controls into 2015. That said, SEC staffers also warned at the annual AICPA conference last week that their largesse will not last long, and a bevy of ...
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Blog
PCAOB’s Chief Inspector Provides Checklist for Year-End Audits
Dec. 16—The audit profession’s chief inspector has provided auditors with a year-end checklist, giving companies some fair warning about what they can expect auditors to be focused on in their upcoming audit cycles. The most common deficiencies found in 2014 inspections still relate to audits of internal control, said Helen ...
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Netflix Lawsuit a Lesson in Proper Internal Controls
Netflix is suing a former IT executive, alleging the man created a kickback scheme that netted him more than $500,000 as he executed contracts and approved invoices through sham arrangements with two vendors. Painful for Netflix, yes, but we have key lessons in segregation of duties and internal control worth ...
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Blog
Janus, COSO, FCPA Compliance and Enforcement
The U.S. Sentencing Guidelines have long been one path to kinder treatment from the Justice Department for FCPA violations. On the civil side enforced by the SEC, something similar may be emerging: the COSO 2013 framework for effective internal control. How different are those two paths? Not as much as ...
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Blog
BDO USA, Crowe Horwath Get Varied PCAOB Inspection Results
The Public Company Accounting Oversight Board published inspection findings for two major firms, giving them much different marks for their 2013 audit work. At BDO USA, inspectors found deficiencies in 15 of 23 audit files, a 55 percent increase in problems from 2012. At Crowe Horwath inspectors checked only 13 ...
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ArticleAre Auditors Making Unnecessary Demands on Internal Control Documentation?
As many companies finish work on a new framework for internal controls, a small number of them are starting to question their external auditors’ documentation requirements and are considering pushing back. Lillian Barlett, vice president of risk management and internal audit at SunOpta, for example, says the documentation requests are ...
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Blog
Some Predictions for the Coming Year in Corporate Governance
As 2014 enters its final month and the coming year looms just around the corner, it’s time for those lists of predictions of what 2015 will bring. Inside, columnist Richard Steinberg takes a look into his crystal ball for what developments will be shaping corporate governance in the coming year. ...
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Article
COSO Framework Has Applications Beyond Financial Reporting
Image: As companies put the finishing touches on the adoption of the updated framework for internal controls, many are realizing that there are hidden benefits to the work. Audit experts say there are several other areas where elements of the updated COSO framework can apply, such as divisional reporting, customer ...
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Blog
Rising Tides Around IT Audit
Image: At long last, IT audit is finding its place in the sun—so says the latest IT Audit Benchmarking Study, published last week by ISACA. By almost any measure, IT audit is getting a higher profile at large organizations. What does that mean for compliance officers, and how can they ...
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Article
Wanted: Compliance Officers With Leadership, Communication Skills
Image: Chief compliance officers are still in high demand, but the skills that companies are looking for in top candidates are changing. Companies are seeking compliance leaders who have the ability to influence others, communicate effectively, and build relationships with a wide range of internal and external stakeholders, including regulators. ...
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Blog
GAO Faults SEC for Internal Control Deficiencies
The message from the Government Accountability Office to the Securities and Exchange Commission: practice what you preach. A new, 176-page report from the government watchdog faults the agency for “a significant deficiency" in internal controls for its Investor Protection Fund.
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Article
The Real Data Breach Risks Are Right Under Your Nose
While companies fret about shadowy hackers based in Russia and China hell bent on stealing customer information, employees—not cyber-criminals—pose the biggest threat to create data breaches and data loss, according to a recent study. Ungoverned and negligent file-sharing by employees is hitting epidemic proportions: More than half of respondents to ...
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Article
Bridging the Divide Between COSO Frameworks Old and New.
As companies work to implement the updated COSO internal controls framework, they are hearing a common refrain: “mind the gap.”That would be the gap between internal controls under the old framework and the added elements of the new one. Companies aren’t just closing that gap, though; they are also using ...