Controls needed to successfully adopt the new COSO 2013 Framework

Posted by Guthrie Chenon June 13, 2014

By now, we have all started to become aware that the new COSO 2013 framework MUST be adopted by all publically traded companies by the end of their current fiscal year. There’s a great deal of material out there explaining what needs to be implemented yet, very few of those items (including the documents provided directly from COSO) explain HOW to actually make this implementation happen.

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Tags: Internal Controls, examples, controls, audit, SOX, audit committee, COSO, COSO 2013, framework, documentation

COSO 2013 Best Practices - What are they?

Posted by Teresa Bockwoldton April 30, 2014


Here is a great story about our customers experience with trying to switch from COSO 1992 to COSO 2013.
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Tags: Sarbanes-Oxley Articles & Information, Accounting Tip of the Day, audit, best practices, internal audit, sox compliance, Sarbanes-Oxley, COSO, COSO 2013, corporate governance

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

Posted by Teresa Comcaston December 4, 2013

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

Failed Audits of China-Based Company Lead to SEC Charges

Posted by Juliette Gibsonon October 2, 2013

Since our Vibato® Internal Control Suite® tools are available in Mandarin and our products have been being sold in China for several years, we are always interested in news surrounding SEC audits there. It is unfortunate to see a US-based auditing firm failing their clients and helping to continue the negative press China companies often receive while trying to comply with SEC standards. 

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Tags: audit, Securities and Exchange Commission, financial reporting, Compliance in China, SEC, SEC fines, audit deficiency

SEC Investigates Medifast, $200,000 Penalty & Cease-and-Desist Order

Posted by Juliette Gibsonon October 1, 2013

This is a great article looking at the outcome of a recent SEC investigation into Medifast's financial reporting from 2006 through 2009.  Medifast disclosed, without admitting or denying the SEC's findings, that under the terms of the settlement it has consented to a Cease-and-Desist Order and agreed to pay a $200,000 civil penalty.

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Tags: Internal Controls, audit, 10k, White Collar Fraud, disclosure, SEC, SEC fines, audit deficiency, Internal Control Deficiency