How long do I Keep my Internal Controls Documentation?

Posted by Teresa Bockwoldton Sun, May 29, 2011 @ 07:32 AM

We are often asked how long company's must keep their internal controls documentation and when we tell them, we are often met with shocked stares but here is your answer:

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Tags: Internal Controls, financial risk, Controls Testing, personal risk, compliance

Big 4 Audit Firms and Customer Satisfaction

Posted by Nancy Johnsonon Fri, May 27, 2011 @ 03:06 PM

A recently published survey suggests that many CFOs are unhappy with their Big 4 audit firms but that there's not much the CFOs are doing about it. Read about the survey here

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Tags: audit

6 Internal Controls Actions to Take Before June 30

Posted by Nancy Johnsonon Thu, May 19, 2011 @ 06:00 AM
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Tags: Accounting Tip of the Day, risk assessment, audit costs, Non-accelerated filer 404(b) information, internal control

Accounting Tip of the Day: New ASU 2011-04 on Fair Value

Posted by Teresa Bockwoldton Wed, May 18, 2011 @ 04:00 PM

 Our friends at BPM sent us this alert today regarding an Accounting Standards Update (ASU) 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS and we felt our readers should know about this.  Here is a snippet:

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Tags: Accounting Tip of the Day, Codification tools

5 Steps on Testing Internal Controls

Posted by Teresa Bockwoldton Fri, May 13, 2011 @ 03:26 PM

Determining a correct sample size is an important first step in your internal controls testing efforts. Below is Vibato's approach to sample size determination, which we've used with great success for years.This approach has been vetted with all Big 4 and most regional external auditing firms. 

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Tags: Internal Controls, Controls Testing, audit scope

5 Tips on How to Answer Complex Accounting Controls Questions

Posted by Nancy Johnsonon Tue, May 10, 2011 @ 02:17 PM

In the bad old days, it took a few phone calls to your auditor and maybe lunch with one of your finance colleagues to get answers to your toughest questions about internal controls, compliance, and risk management.

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Tags: Internal Controls, cost-effective, internal control

NASDAQ Reverse-Merger Fraud Concerns

Posted by Bill Bockwoldton Fri, May 06, 2011 @ 07:22 PM

NASDAQ recently filed a request with the SEC to change the regulations for listing on a major stock exchange for reverse-mergers - citing concerns over fraud, stock manipulation, and the quality of audits.

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Tags: Internal Controls, audit, fraud

Why Your Company Needs an Internal Control for Whistleblowing

Posted by Nancy Johnsonon Thu, May 05, 2011 @ 02:28 PM

Two former Boeing staff members learned the hard way that SOX whistleblower rights do not extend when the whistle is blown to the media, rather than to their company supervisors, federal agencies, or Congress.

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Tags: Sarbanes-Oxley Articles & Information, SOX