Internal Controls Alert: FAQ About the JOBS Act

Posted by Teresa Bockwoldton Fri, Apr 20, 2012 @ 01:17 PM

There have been several questions asked by our clients and followers about the Jobs Act and how it applies to various companies in various situations. One question that came up yesterday was what if you are already a public company and your switching exchanges? We found this great questions and answers list from the SEC that should help clarify some details about the Jobs Act, your Sarbanes-Oxley / internal controls requirements and things you should consider relating to this piece of legislation:

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Tags: Sarbanes-Oxley Articles & Information, Internal Control Education, internal control tips

Definitions Sheet for Swaps-Related Terms for Regulating Derivatives

Posted by Teresa Bockwoldton Fri, Apr 20, 2012 @ 10:46 AM

This is some great information on the definition of swap-related terms for regulating derivatives from the SEC. Understanding this information can help you with your internal controls over treasury procedures and investments:

 

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Tags: Internal Control Education

What the JOBS Act Means for SOX Compliance

Posted by Bill Bockwoldton Thu, Apr 05, 2012 @ 06:10 PM
The jobs act created a new category of issuer, called an "Emerging Growth" (ECG) company, in the interest of stimulating equity investment in companies by modifying the regulations surrounding registration, capital-raising activities, and compliance requirements. To qualify for this category, a company must have produced less than 1 billion of revenue in it's prior fiscal year (and must not have sold common equity in a registered offering prior to December 8, 2011). A qualifying company would lose ECG status when one of the following occurs:
  • Five years elapse from the IPO date
  • Company produces more than 1 billion in gross revenue
  • Company issues more than 1 billion in non-convertible debt within a 3-year period
  • Company reaches accelerated-filer status (>$700MM public market float)
As an ECG, a company would be exempt from an external audit of their internal controls over financial reporting (SOX 404(b)) as long as they maintain ECG status. This would be a maximum of 5 years from the IPO date if no other conditions specified above are met before that time.
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Tags: Internal Controls, Pre-IPO, 404, SOX, internal control

9 Ways to Spot Potential Fraud on your Health Care Bill

Posted by Teresa Bockwoldton Tue, Apr 03, 2012 @ 11:07 AM

9 Ways to Spot Potential Fraud on your Health Care Bill

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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, internal control, Sarbanes-Oxley, Internal Control Education, internal control tips, fraud, Internal Control Deficiency

2 Minute Vlog Accounting Tip: Organizing Internal Control Data

Posted by Teresa Bockwoldton Mon, Apr 02, 2012 @ 11:50 AM

2 Minute Vlog Accounting Tip of the Day: How to Organize Internal Control Testing Samples

In less than 2 minutes, learn about how to organize internal controls test samples into binders for easy delivery and review by external auditors and stakeholders.

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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, Accounting Tip of the Day, Process Improvement, Internal Control Education, internal control tips

2 Minute Vlog Accounting Tip of the Day: Month-End Close Checklists

Posted by Teresa Bockwoldton Mon, Apr 02, 2012 @ 10:50 AM

2 Minute Vlog Accounting Tip of the Day: Month-End Close Checklists

In less than 2 minutes, learn how and why you should create a period-end close checklist for your organization. Brought to you by Vibato, LLC; simply the best in compliance services.

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Tags: Accounting Tip of the Day, internal control, Internal Control Education, internal control tips, Close Best Practices