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Internal Controls
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Creating a Speak-Up Culture
Joel Katz | April 2, 2013
Creating a speak-up culture is the Holy Grail of compliance. Companies that have successfully created this type of environment have won the trust and confidence of employees and have gotten them to buy-in to the company's values. Inside, guest columnist Joel Katz, chief ethics and compliance officer at CA Technologies, shares his perspective on how to get employees to create a culture where employees are comfortable asking questions and raising concerns.
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Opinions
Moody's Questions Ability To Audit Around Deficiencies
Leech Tim | December 7, 2004
In October 2004, Moody’s Investors Service opened a Pandora’s Box with the issuance of a special comment paper titled “Section 404 Reports on Internal Control: Impact on Ratings Will Depend on Nature of Material Weaknesses Reported.
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Opinions
Electronic Records Retention: Getting It Right
Dumas Dennis | October 19, 2004
Dennis Dumas, counsel at the law firm of Chadbourne & Parke, provides a basic framework designed to arrive at a "reasonable and compliant information retention policy."
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Opinions
Avoiding Stumbles On The Path To SOX 404 Compliance
Wagner Stephen K. | August 24, 2004
When engaged in an ambitious effort, be it climbing a mountain, building a house, or writing a novel, many people have a tendency to quicken their pace once the long-sought goal finally comes into view. The same holds true for Sarbanes-Oxley Section 404 compliance projects. Many months have gone into documentation, testing, and remediation, and now the first reporting deadline lies just ahead, looming like a summit after a lengthy and difficult ascent.
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Opinions
Boards Should Not Neglect Open Source Software Compliance
Flaschen David J.S. | July 20, 2004
According to Paychex audit committee chairman David Flaschen, there are a few technology issues that boards need to pay attention to. One of them is Open Source Software compliance.
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Opinions
Distilling SOX 302, 404 & 906
Leech Tim | May 25, 2004
In his latest SOX Advisory, 25-year forensic accounting veteran and frequent CW contributor Tim Leech tackles the three most complex—and costly—sections of Sarbanes-Oxley.
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Opinions
Weak Internal Controls Are Really "Worst Practices"
Tonsick John | April 20, 2004
We turned to John Tonsick, a 23-year forensic accounting veteran, to provide some insights based on the "worst practices" he's experienced: What happened, how the problem—or fraud—was uncovered, and how it could have been avoided.
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Opinions
Internal Controls: A New Enforcement Frontier?
Sauer Rick | February 24, 2004
According to Rick Sauer, a former assistant director with the SEC's enforcement division, most cases alleging violations of "internal controls" provisions don't really get to the core of the alleged misconduct.
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Opinions
Common SOX 302/404 Mistake: Not Assessing Controls Over Notes And Supplemental Disclosures
Leech Tim | February 17, 2004
One of the most common mistakes we still see in practice is too narrow an interpretation of what is covered by Section 302 and 404 control effectiveness representations.
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Opinions
Will Cramming For SOX 404 Exams Be Enough To Pass The Grade?
Leech Tim | January 13, 2004
Why thousands of companies may fail the SOX 404 test if regulators and accounting firms maintain their current course.
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Opinions
Proposal Would Allow Auditors to Evaluate Those Who Hire Them
Hamilton James | November 25, 2003
Securities law analyst James Hamilton looks at what appears to be an "untenable conflict" daring auditors to implicate those who appoint and pay them.
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Opinions
Where Will The Cops Set The Real Limits?
Leech Tim | July 15, 2003
How many and what types of control deficiencies can you not report to external auditors and the Audit Committee and still be "okay" in the eyes of the SEC and the civil courts?
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Opinions
Audit Committees Have Role in Section 404 IC Regime
Hamilton James | July 8, 2003
The interaction between internal auditors and the Audit Committee can play a critical role in ensuring that the company has robust internal and reporting controls.
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Opinions
Biggest Barrier to Fixing IC Weakness: Skilled Workforce
Leitch Matthew | April 24, 2003
Simple tips for designing and implementing internal controls that take into account the human condition.
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Opinions
Breaking Down Barriers to Monitoring Reports
Lanza Rich | April 24, 2003
Through the continuous monitoring of transactions, companies can add a valuable control layer for financial reporting, which can improve the process of identifying exceptions and verifying compliance.
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Opinions
Changes Afoot For Auditing Standards, Internal Controls
Nagel Karl | April 24, 2003
Karl Nagel, the author of the SOX Disclosure/Internal Control Primer and The CPA’s Guide to Electronic Business, believes that the creation of the PCAOB is actually the most critical component of SOX
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Opinions
Complying With Internal Controls To Manage Enterprise-Wide Risks Effectively
Farrell John | April 24, 2003
According to KPMG partner John Farrell, complying with the requirements of Section 404 need not be an impediment to — nor drain from — enterprise risk management.
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Opinions
Internal Controls: More Than Safeguarding Assets
Braun David B. | April 24, 2003
While safeguarding the company's assets is one element of internal controls, Section 404 of the Sarbanes-Oxley Act of 2002 has brought to the forefront a concept of internal control policies and procedures that was previously foreign to many public companies.
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Opinions
Rules of the Road for Internal Controls Attestations
Romanek Broc | April 24, 2003
According to Broc Romanek, who once worked for the SEC's Division of Corporation Finance in the Office of Chief Counsel, companies have much to do to achieve Section 404 compliance and avoid a negative disclosure.
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Opinions
Sarbanes-Oxley: Ten Tips for Taking (Internal) Control
Wagner Stephen K. | April 24, 2003
Scores of companies are working to implement an internal control structure that withstands the demands of The Sarbanes-Oxley Act.
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Opinions
The Missing Link In Implementing Effective Internal Controls
Mike Lambert and Marsha Carter | April 24, 2003
Managers, particularly finance managers, may be aware of internal controls, but all employees in all departments play a role in IC implementation.
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Opinions
Enforcement Critical To Corporate Records Programs
Jordan Brad | March 13, 2003
As companies attempt to minimize risk from internal spoliation of evidence, Brad Jordan provides best practices for records management.
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Opinions
The Right Approach for Your First 404 Audit
Frieser Neil | October 16, 2007
Large companies have had five years of hard-earned experience complying with Sarbanes-Oxley and its dreaded Section 404 provisions about internal controls over financial reporting. Now compliance looms for non-accelerated filers, and I’d suggest leaning on that experience as much as you can.
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Opinions
Internal Audit Director Critiques AS No. 5
M. Stevens Dennis | June 26, 2007
A triumph of hope over experience. That’s how one writer characterized the proposed Auditing Standard No. 5 in a recent comment letter to the Securities and Exchange Commission and the Public Company Accounting Oversight Board.
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Opinions
Automated Controls And Risk Management
Mitchell Scott | March 27, 2007
Compliance Week and the Open Compliance and Ethics Group continue their "GRC Illustrated" series with a look at controls, monitoring and automation.
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