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

PCAOB: Disclosure of Engagement Partner & Audit Participants soon??

Posted by Teresa Comcaston Wed, Dec 04, 2013 @ 04:09 PM

We learned of this proposal today and we thought our readers would be interested. This change would have an inpact on the financial reporting requirements for all public companies. 

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Tags: Sarbanes-Oxley Articles & Information, audit, 10k, audit scope, PCAOB, SEC

Should Internal Audit Report to the Audit Committee Directly?

Posted by Alex Roweon Wed, Apr 10, 2013 @ 08:36 AM
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Tags: audit, SOX, auditing standards, audit committee, best practices, internal audit, IIA, Institute of Internal Auditors, Sarbanes-Oxley, audit scope, Richard Chambers

COSO - updated "Internal Control -- Integrated Framework"

Posted by Teresa Bockwoldton Wed, Dec 21, 2011 @ 12:26 PM

COSO is coming out with a revision to the famous 'COSO Cube' and they have submitted a draft for public comment. The COSO Cube provides the basis for all internal control infrastructures, including Sarbanes-Oxley implementations, and it gives guidance on how to structure and audit control procedures. PwC participate in the update and they have provided a nice synopsis below of the pending change:

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Tags: Internal Controls, SOX, 404 audit, audit scope, COSO, Internal Control Education

Why Does my Audit Take so Long and Cost SO MUCH??!

Posted by Teresa Bockwoldton Mon, Oct 17, 2011 @ 04:03 PM

Let's just get down to the skinny of it, audits in any form are painful. We get that.

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Tags: PCAOB News & Information, 404 audit, audit scope, external auditing, PCAOB

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

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

Criminal Exposure Under Sarbanes-Oxley

Posted by Bill Bockwoldton Thu, Dec 09, 2010 @ 04:20 PM

Great article from the Criminal Defense Lawyers Los Angeles.  Here is a snippet:

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Tags: Sarbanes-Oxley Articles & Information, 404, 404 audit, compliance, Sarbanes-Oxley, audit scope

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

The SEC's Top 10 Risks: #7. Ineffective Internal or Disclosure Controls

Posted by Teresa Bockwoldton Tue, Aug 10, 2010 @ 04:00 PM

This was an excellent article on why it is more important than ever to accurately document your company-specific risk exposure. The SEC Top 10 List of most frequently questioned issues over the last two years includes “Ineffective internal or disclosure controls”, an area that we believe will be receiving even greater scrutiny in light of the recent Sarbanes-Oxley 404(b) exemption for non-accelerated filers.

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Tags: Sarbanes-Oxley Articles & Information, risk assessment, 404, deadline, 404 audit, Non-accelerated filer 404(b) information, compliance, risk management, Sarbanes-Oxley, audit scope, external auditing, Sarbanes-Oxley for Non-Profits