Hong Kongs SFC Fines Company $2.7 Million

Posted by Alexa Foxon Tue, May 31, 2016 @ 11:27 AM
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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

PwC Point of View on FASB and IASB Proposal For Lease Accounting

Posted by Juliette Gibsonon Wed, Oct 09, 2013 @ 04:13 PM

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.  

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Tags: IASB, best-practice, lease accounting, accounting, FASB

Should you Disclose your Social Media Content?

Posted by Alex Roweon Wed, Mar 27, 2013 @ 11:34 AM

Social media has previously not been an issue when it came to your SEC or other public filings, but that may be changing...  

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Tags: Internal Controls, social media, best-practice, FINRA, disclosure, Vibato, SEC, Division of Investment Management

Accounting Tip of the Day! Secure Network Solution

Posted by Alex Roweon Mon, Mar 18, 2013 @ 01:43 PM

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. 

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Tags: Accounting Tip of the Day, SOX, best-practice, sox compliance, accountingtemplates.com, secure network, external network, Vibato, accounting, firewall

Internal Control Alert on Related Parties & Unusual Transactions

Posted by Teresa Bockwoldton Tue, Feb 28, 2012 @ 10:54 AM

There was a new PCAOB alert today that everyone should know about. Here are the details:

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Tags: Internal Controls, best-practice, PCAOB, internal control tips, Close Best Practices

Best Practice Internal Control Strategy Still is the Best

Posted by Nancy Johnsonon Mon, Sep 12, 2011 @ 10:08 AM

In its September 2011 newsletter, global management consulting firm McKinsey & Company published a snapshot article entitled "Why Best Practice Isn't the Best Strategy."

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Tags: best-practice

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

Internal Control Deficiency Measurement in 5 Steps

Posted by Teresa Bockwoldton Wed, Apr 13, 2011 @ 08:39 AM

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.

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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

Educational Vibato Surveys & Checklists Available

Posted by Teresa Bockwoldton Fri, Apr 01, 2011 @ 12:55 PM

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.  

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Tags: Sarbanes-Oxley Articles & Information, Compliance tools, Surveys, best-practice, Sarbanes-Oxley Training, Entity Level Controls