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

Sarbanes-Oxley COSO 2013 Tip: How to Address Principle 10

Posted by Teresa Bockwoldton Tue, May 06, 2014 @ 01:22 PM

There are 17 Principles discussed in the new COSO 2013 guidance that every public company must demonstrate compliance with by 12/15/2014. 

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Tags: Sarbanes-Oxley Articles & Information, segregation of duties, Sarbanes-Oxley Training, internal control, Sarbanes-Oxley, COSO 2013, Sarbanes-Oxley for Non-Profits

Sam Antar: On Fraud & the Black Arts of White Collar Crime

Posted by Teresa Bockwoldton Thu, Jul 25, 2013 @ 02:51 PM
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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, segregation of duties, risk assessment, Announcements, SOX, external audit, SOX Compliance Made Simple, White Collar Fraud, Bay Area Accounting Professionals Mixer, Sarbanes-Oxley Training, internal control, risk management, Sarbanes-Oxley, external auditing, Internal Control Education, internal control tips, Sarbanes-Oxley for Non-Profits, corporate governance

More prevention = Less need for Detection

Posted by Alex Roweon Wed, Feb 13, 2013 @ 03:45 PM
New technology is helping seek out fraudulent behavior behind closed doors of companies. Ernst & Young’s Fraud Investigation & Disputes Services is releasing new software that searches for specific key words in company e-mails and detects a change of voice in a spoken press release. The most common fraud phrases are obvious but interesting:
1. Cover Up
2. Write Off
3. Illegal
4. Failed investment
5. Nobody will find out
6. Grey area
7. They owe it to me
8. Do not volunteer information
9. Not ethical
10. Off the books 

Check out more at: http://tinyurl.com/az78o8g
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Tags: Internal Controls, fraud prevention, Press Release, software, compliance, internal control, internal control tips, fraud, Ernst & Young, key words

What the JOBS Act Means for SOX Compliance

Posted by Bill Bockwoldton Thu, Apr 05, 2012 @ 06:10 PM
The jobs act created a new category of issuer, called an "Emerging Growth" (ECG) company, in the interest of stimulating equity investment in companies by modifying the regulations surrounding registration, capital-raising activities, and compliance requirements. To qualify for this category, a company must have produced less than 1 billion of revenue in it's prior fiscal year (and must not have sold common equity in a registered offering prior to December 8, 2011). A qualifying company would lose ECG status when one of the following occurs:
  • Five years elapse from the IPO date
  • Company produces more than 1 billion in gross revenue
  • Company issues more than 1 billion in non-convertible debt within a 3-year period
  • Company reaches accelerated-filer status (>$700MM public market float)
As an ECG, a company would be exempt from an external audit of their internal controls over financial reporting (SOX 404(b)) as long as they maintain ECG status. This would be a maximum of 5 years from the IPO date if no other conditions specified above are met before that time.
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Tags: Internal Controls, Pre-IPO, 404, SOX, internal control

9 Ways to Spot Potential Fraud on your Health Care Bill

Posted by Teresa Bockwoldton Tue, Apr 03, 2012 @ 11:07 AM

9 Ways to Spot Potential Fraud on your Health Care Bill

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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, internal control, Sarbanes-Oxley, Internal Control Education, internal control tips, fraud, Internal Control Deficiency

2 Minute Vlog Accounting Tip of the Day: Month-End Close Checklists

Posted by Teresa Bockwoldton Mon, Apr 02, 2012 @ 10:50 AM

2 Minute Vlog Accounting Tip of the Day: Month-End Close Checklists

In less than 2 minutes, learn how and why you should create a period-end close checklist for your organization. Brought to you by Vibato, LLC; simply the best in compliance services.

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Tags: Accounting Tip of the Day, internal control, Internal Control Education, internal control tips, Close Best Practices

Open Letter and Video Blog to Mitt Romney & Newt Gingrich Regarding Sarbanes-Oxley

Posted by Teresa Bockwoldton Wed, Mar 21, 2012 @ 10:28 AM

 

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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, SOX, internal control, Vibato, Internal Control Education

Free Webinar on Internal Controls with 1 Hour CPE TODAY AT NOON

Posted by Teresa Bockwoldton Wed, Mar 14, 2012 @ 10:04 AM

Free Webinar on Internal Controls with 1 Hour CPE TODAY, 3/14/2012 AT NOON.

 

Sign up here

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Tags: 404 audit, internal control, Internal Control Education, internal control tips, Internal Control Deficiency

Sarbanes-Oxley Kills Jobs? Mitt Romney & Newt Gingrich Think We're All Fools

Posted by Teresa Bockwoldton Tue, Mar 13, 2012 @ 11:25 AM

Mitt Romney is suggesting that investors rely on Corporate America to 'do the right thing' and not steal, overstate earnings, lie to line their own pockets, etc. even though this thinking has been proven inaccurate over-and-over again.

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Tags: Internal Controls, SOX, internal control, Sarbanes-Oxley, Internal Control Education