The Power of Optimizing Your Internal Controls

Posted by Guthrie Chenon Mon, May 26, 2014 @ 03:00 PM

Let’s face it, dealing with internal controls from time to time can be a headache and can certainly get out of hand. The power of an organized internal control structure yields a plethora of benefits in terms of cost efficiency, reduced workload, fewer headaches, and happier employees – You know what they say, Organized People Play™.

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Tags: Internal Controls, segregation of duties, control reduction, SOX, auditing standards, audit costs, Controls Testing, SOX Compliance Made Simple, internal audit, Process Improvement, software, sox compliance, internal control, Sarbanes-Oxley, Vibato, audit scope, internal control tips

Change to Sarbanes-Oxley Section 404 Requirements in 2012 Likely

Posted by Teresa Bockwoldton Wed, Feb 22, 2012 @ 11:14 AM

New legislation is gaining steam that would change the definition of which companies are subjected to an external audit review of their internal controls (e.g., Sarbanes-Oxley Section 404(b)). The bill, called 'H.R.3606 - Reopening American Capital Markets to Emerging Growth Companies Act of 2011,' passed the House by an overwhelming bipartisan vote of 54-1. The bill still has to go through the Senate and then get Presidential approval before it becomes law (you can follow the progress here: http://www.opencongress.org/bill/112-h3606/show). 

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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, 404, SOX, AICPA, 404 audit, audit costs, Non-accelerated filer 404(b) information, Sarbanes-Oxley Training, Sarbanes-Oxley, external auditing, Internal Control Education

What is the Value of a 'Big 4' Audit?

Posted by Teresa Bockwoldton Wed, Nov 23, 2011 @ 11:33 AM

We wanted to pose a question to our readers - aside from the perceived investor value added by selecting a Big 4 audit firm (PwC, KPMG, E&Y, or Deloitte), what other value does selecting these large audit firms add over a smaller firm?  

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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, PCAOB News & Information, audit, audit costs

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

Internal Controls Tools Suite That Can Ease The Management Of Your Accounting & Financial Reporting

Posted by Bill Bockwoldton Thu, Jan 06, 2011 @ 04:20 PM

Have you ever wondered how internal controls can benefit your accounting and financial reporting systems? Have you been worrying excessively, recently, concerning the upcoming audit of your company and possible conflicting situations that could arise? Certainly, for a firm in the 21st century proper accounting management is one of the most vital issues, and that's why smaller companies with limited staff resources in this field should make use of up to date technologies to take care of this.  See more via this link:jimmie8owens.typepad.com

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Tags: risk assessment, 404, Vibato Products, 404 audit, audit costs, Product Information, compliance, risk management, Vibato

CAQ comments on SEC study required by Dodd-Frank Act regarding SOX Section 404(b) compliance

Posted by Bill Bockwoldton Wed, Dec 08, 2010 @ 07:22 PM

From the Center for Audit Quality (CAQ):

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Tags: Sarbanes-Oxley Articles & Information, 404, 404 audit, audit costs, Wall Street Reform, compliance, Sarbanes-Oxley, audit scope, external auditing

Accounting Tip of the Day: Write on Your Journal Entries

Posted by Bill Bockwoldton Wed, Nov 10, 2010 @ 02:16 PM

Auditors have an unnatural ability to select THE ONE sample you know will get you in trouble...that one sample that caused you heartburn and you were glad to see posted and filed....and that one sample that is almost a year old and you cannot remember the clear details about.  Unfortunately, you cannot simply ask your auditors to select a new sample to make your life easier.  Once your auditors start asking questions and realize that you can't fully remember why that sample isn't as easy to explain as they would hope, they may conclude that the rest of your samples should be scrutinized even further. So the tip is to write everything down on the journal entry itself, regardless of how ugly it looks! Those notes will keep you sane at the end of your audit period because you'll never remember why you didn't write it all down in the first place!

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Tags: Accounting Tip of the Day, audit costs, risk management

Looking for lower audit fees? Be careful....

Posted by Bill Bockwoldton Thu, Nov 04, 2010 @ 09:58 AM

During a recent conversation with a Managing Partner at a local CPA firm I learned that the PCAOB is starting to use forensic statistics to determine which external audit firms to review; it isn't random.  The PCAOB has apparently come to the (logical) conclusion that if an audit fee is usually low relative to their comparative companies audit fees, then the quality of the audit is also probably low.  What this means is that if a company decides to price shop for their audit, chances are they will not only get what they pay for but they may also be subjected to the scrutiny and potential requirement for an additional audit by the PCAOB.  This could cause restatements, lawsuits, and just a laundry list of bad things.

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Tags: audit costs, external auditing

VIBATO ACHIEVES 69% CONTROL COUNT REDUCTION FOR IMERGENT

Posted by Teresa Bockwoldton Sun, Aug 15, 2010 @ 03:00 PM

One Week Implementation Effort Produced a One-Year ROI

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Tags: Vibato Success Stories, Compliance tools, 404, Vibato Products, 404 audit, audit costs, SOX Compliance Made Simple, Product Information, Clients

From CFO.com: User Developed Applications: What this means for the audit process.

Posted by Teresa Bockwoldton Sat, Jul 24, 2010 @ 04:00 PM

Interesting article on User Developed Applications (UDAs). This could also apply to spreadsheets used for internal controls work, especially if they are distributed across departments and not centralized. Applications are typically developed for expense calculation and tracking (e.g. stock comp expense) as well as financial analysis. We try to take an approach that these types of tools should have permission control and be stored in documented locations where appropriate review and updating can be performed. It makes audit-related work much easier in the end!

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Tags: Sarbanes-Oxley Articles & Information, Compliance tools, 404, 404 audit, audit costs, Non-accelerated filer 404(b) information, Sarbanes-Oxley Training, risk management, external auditing