There are serious consequences when public companies publish inaccurate earnings reports and then must restate those earnings at a later date. The corporate entity itself is subject to SEC fines, shareholder lawsuits, and a plummeting stock price, while the individuals who signed off on the original statements (including executives and board members) can be personally sued as well as required to pay back compensation received during the years in question (see our posts on the clawback provision).
You are cordially invited to the Vibato Webinar Series, How to Perform a Financial Risk Assessment being held on Wednesday, August 3, 2011 10:00 AM - 11:00 AM PDT.
Tags: Sarbanes-Oxley Articles & Information, financial risk, Compliance tools, risk assessment, best-practice, SOX Compliance Made Simple, Sarbanes-Oxley Training, compliance, risk management, Sarbanes-Oxley, audit scope, Internal Control Education
The public is invited to comment on a PCAOB concept release, issued June 21, 2011, that proposes significant changes to the way auditors report their findings.
Tags: PCAOB News & Information
Entity-level controls codify the attitudes and behaviors around financial integrity and accuracy within an organization. They reflect the "tone at the top," or how an organization's executives and Board of Directors feel about financial integrity and accuracy, and the policies and procedures in place to support those feelings. For this reason, they provide the foundation for an organization's internal controls over financial reporting.
Tags: Internal Controls
SSAE 16 - a new accounting standard for evaluating service organizations' operational and financial controls - will replace SAS 70 effective June 15, 2011.
You are cordially invited to the Vibato Webinar Series, How to Perform a Financial Risk Assessment being held on Thursday, June 23, 2011 10:00 AM - 11:00 AM PDT.