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Internal Controls
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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
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
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
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
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
Cure For SOX-Testing Blues At Royal Ahold
Cees Klumper & Stephan Geuzebroek | January 30, 2007
As many Compliance Week readers know, our company—the $44 billion supermarket operator Royal Ahold, listed on the New York Stock Exchange—was accused in 2004 of filing materially false statements to the Securities and Exchange Commission that overstated net sales by $30 billion for fiscal years 2000 through 2002. The incident has forced our internal auditing group to (among many other things) rethink how our testing for Sarbanes-Oxley’s Section 404 was conducted, and our approach may be of interest to fellow Compliance Week readers.
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Opinions
Achieving a Risk-Free Outsourcing System
Bledsoe Yanan | May 27, 2009
Corporations face brutal economic conditions these days. To improve business performance, many have cut costs by outsourcing some of their business processes to cheaper labor, often based overseas.
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Opinions
Rules for Disclosing a CEO’s Unexpected Absence
L. Pitt Harvey | February 24, 2009
Rudyard Kipling’s classic poem, “If,” written in 1895, talks about rewards to be reaped if we’re able to “keep our head[s] when all about [us] … are losing theirs.” The reality of corporate life, however, is that public companies can’t keep their heads, or their other key executives. Eventually, CEOs and senior executives die, suffer debilitating accidents or illnesses, become immersed in legal or ethical issues, retire, cease to be effective, or move on.
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News Article
Neither Significant Nor Material: Deficiencies Described
Compliance Week | December 7, 2004
During the month of November, several companies disclosed "deficiencies" in controls—sometimes related to one specific control—that were neither significant deficiencies nor material weaknesses. Examples inside.
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News Article
Will SEC Delay Of SOX 404 Make A Difference?
Taub Stephen | December 7, 2004
As was widely expected, the Securities and Exchange Commission has given companies whose market float is less than $700 million an additional 45 days to meet many of the requirements of Section 404 of the Sarbanes-Oxley Act. But, will these additional days really make a difference for these companies? It all depends upon whom you ask.
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News Article
SEC Delays SOX 404 Deadline For Some Companies
Compliance Week | November 30, 2004
On Nov. 30, the Securities and Exchange Commission issued an order that would grant certain accelerated filers up to an additional 45 days to include in 10-Ks the required internal control reports.
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News Article
PCAOB Releases Third FAQ On SOX 404 Audits
Compliance Week | November 23, 2004
Yesterday, The Public Company Accounting Oversight Board released the third in a series of staff questions and answers to assist in the implementation of PCAOB Auditing Standard No. 2, regarding audits of public companies' internal control over financial reporting.
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News Article
SEC May Delay 404 For Some Companies
Taub Stephen | November 9, 2004
The Securities and Exchange Commission may postpone the implementation of Section 404 of the Sarbanes-Oxley Act for certain companies.
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News Article
Largest Accounting Firms Issue Joint 404 Framework
Compliance Week | November 2, 2004
Last week, nine accounting firms—including The Big Four—issued a joint framework for use in implementing Section 404 of The Sarbanes-Oxley Act.
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News Article
SEC, PCAOB Provide More Guidance On Internal Controls
Compliance Week | October 12, 2004
Last week, the Securities and Exchange Commission and the Public Company Accounting Oversight Board provided additional guidance on internal control over financial reporting in the form of "frequently asked questions."
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News Article
Hot Spots To Consider: Trends in Reported Deficiencies
Scott S. Cohen | September 28, 2004
Powerpoint version of a presentation given by Compliance Week editor and publisher Scott Cohen at KPMG's 404 Institute on Sept. 15, 2004.
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News Article
Despite IT Buzz Around 404, People Factor Remains Critical
Sammer Joanne | September 14, 2004
Personnel issues are the second most frequently cited internal control weakness companies have disclosed as they comply with SOX Section 404. But you would never know about the prevalence of personnel-related internal control weaknesses from listening to the buzz surrounding Section 404 compliance.
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News Article
Compliance With Section 404 Costing More Than Expected
Compliance Week | August 17, 2004
According to a recent study conducted by Financial Executives International, complying with Section 404 of The Sarbanes-Oxley Act will cost public companies an average 62 percent more than previously anticipated.
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News Article
Q&A With EVP, CFO Of $1.4 Billion PSS World Medical
Matt Kelly | August 17, 2004
In the latest of our weekly Q&As with governance and compliance executives, we talk to David Bronson, the executive vice president and chief financial officer at $1.4 billion medical equipment and supplies distributor PSS World Medical Corp.
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News Article
Q&A With VP Internal Audit, Ethics At $1.6b PETCO Animal Supplies
Matt Kelly | August 10, 2004
In the latest of our weekly Q&As with governance and compliance executives, we talk to the vice president of internal audit, asset protection and ethics with $1.6 billion PETCO Animal Supplies.
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News Article
SEC, PCAOB Staff Comment On SOX 404 FAQs
Compliance Week | August 3, 2004
At a recent teleconference hosted by financial print giant RR Donnelley, SEC Division of Corporation Finance Director Alan Beller and Public Company Accounting Oversight Board Member Daniel Goelzer fielded a variety of questions and recommended filers "listen to the music" being played in the FAQs.
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News Article
Q&A With CCO, Ethics And Privacy Officer At $4.8b Ryder
Matt Kelly | July 27, 2004
In the latest of our weekly Q&As with governance and compliance executives, we talk to the chief compliance, ethics and privacy officer at $4.8 billion Ryder System, Inc.
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