5 Internal Control Tips to Avoid Earnings Restatements

Posted by Nancy Johnsonon Tue, Jun 28, 2011 @ 10:45 AM

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).

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Tags: financial risk, internal control

August 3, 2011: Financial Risk Assessment Free Webinar

Posted by Teresa Bockwoldton Fri, Jun 24, 2011 @ 05:05 PM

 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.  

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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

PCAOB Issues Concept Release on Auditor Communication

Posted by Nancy Johnsonon Tue, Jun 21, 2011 @ 01:24 PM

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. 

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Tags: PCAOB News & Information

Why Entity-Level Internal Controls Matter

Posted by Nancy Johnsonon Mon, Jun 13, 2011 @ 03:15 PM

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. 

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Tags: Internal Controls

SAS 70 to SSAE 16 - A New Standard for Service Organizations

Posted by Nancy Johnsonon Fri, Jun 03, 2011 @ 04:07 PM

SSAE 16 - a new accounting standard for evaluating service organizations' operational and financial controls - will replace SAS 70 effective June 15, 2011.

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Tags: AICPA, SSAE 16, SOC, internal control, SAS 70, service organization controls

New Video Posted- Internal Controls Considerations for Nonprofits

Posted by Teresa Bockwoldton Fri, Jun 03, 2011 @ 02:02 PM
Watch to learn about financial repoting concerns that you should consider when implementing internal controls at at non-profit organization.



On May 24, 2011 at Sonoma Mountain Village, Teresa Bockwoldt spoke on behalf of Vibato, LLC for the North-Bay 2011 Board Member Boot Camp for Non-Profits.


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Tags: Internal Controls, risk assessment, Vibato Products, Sarbanes-Oxley Training, risk management, Vibato

You're Invited - Webinar: How to Perform a Financial Risk Assessment

Posted by Teresa Bockwoldton Wed, Jun 01, 2011 @ 05:07 PM

 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.  

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Tags: risk assessment, Vibato Webinars, risk management, Internal Control Education