Bitcoin's Escrow Service Chief's Alleged $7 Million Fraud...

Posted by Teresa Bockwoldton October 2, 2019

Fraud is everywhere and cryptocurrency is an exciting, and yet scary, world to play in. Here is an interesting article about how the head of Bitcoin's Escrow Service may face serious jail time if found guilty of a $7M fraud from William Foxley of Coindesk.com:

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Tags: Internal Controls, Vibato Anti-Fraud News, Internet Crime, Bitcoin, Cryptocurrency

Hong Kongs SFC Fines Company $2.7 Million

Posted by Alexa Foxon May 31, 2016
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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

Internal Controls over Financial Reporting: Testing with Precision

Posted by Guthrie Chenon June 25, 2014

With a renewed emphasis in testing with precision on internal controls over financial reporting, it may help to jump the gun and review some of your most complex controls that would fall within scope of an external auditors review. The following definition of ‘testing with precision’ is defined in the following statement via Crowe Horwath LLP:

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Tags: Internal Controls, examples, audit, external audit, precision, misstatement, testing, risk management, reconciliation, material

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

The Power of Optimizing Your Internal Controls

Posted by Guthrie Chenon May 26, 2014

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