Tags: Internal Controls, best-practice, internal audit, Hong Kong, deficiencies, future trading, SFC, China, Fined, compliance, Compliance in China, accounting, securities and futures commission, short sales, internal controls failures
The Financial Accounting Standards Board (FASB) and International Account Standards Board (IASB) have proposed that largely all leases be reported on a company's financial statements. The proposal requires that leases be reported on the balance sheet. In the income statement, leases would be recognized under a dual model as either a financing or ratably over the lease term.
Social media has previously not been an issue when it came to your SEC or other public filings, but that may be changing...
Accounting Tip of the Day!
External Network Access Tip:
At times, external users may need to access your secure network (think onsite auditors who may need to use a printer or the like). This presents a Sarbanes-Oxley COBIT compliance problem as well as introducing your network to the potential hazards of a virus or a computer without a firewall. Since it can be very difficult to keep track of internal vs. external devices on your network on a day-to-day basis, we at Vibato and AccountingTemplates.com have come up with a nice solution to help mitigate the risk while providing a solution for companies with limited staff to help manage this problem.
There was a new PCAOB alert today that everyone should know about. Here are the details:
In its September 2011 newsletter, global management consulting firm McKinsey & Company published a snapshot article entitled "Why Best Practice Isn't the Best Strategy."
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.
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
An internal control deficiency can be caused by a number of issues but it is primarily defined as an error discovered during internal controls testing (e.g., a payment was coded to utilities when it should have been coded to inventory) or during a review of the internal control evidence (e.g., the internal or external auditors discover the coding mistake rather than management finding it as part of their closing activities). An internal control deficiency may also occur simply from someone forgetting to execute one of their internal controls entirely.
Tags: Internal Controls, Compliance tools, risk assessment, audit, SOX, 404 audit, best-practice, Controls Testing, 10k, Product Information, Sarbanes-Oxley Training, compliance, risk management, Sarbanes-Oxley, audit deficiency, Internal Control Deficiency
Vibato is pleased to announce the availability of complimentary educational Sarbanes-Oxley, risk assessment, and internal control related surveys and interactive educational checklists. This information will allow you to receive tailored advice or allow you to learn about a variety of topics.