General Cable Corporate Fined Over $75M for Operating without Proper Internal Control

Posted by Teresa Bockwoldton Tue, Jan 03, 2017 @ 10:58 AM

General Cable Corporate was fined more than $75M for "...not having effective programs & internal controls necessary to proactively address corruption risks and accounting errors." Terrible considering it would have cost them <$50K to become compliant using the Vibato program and they would have also been able to experience the benefits of compliance such as more efficient procedures, shorter close duration, balanced workloads, etc...The CEO & CFO also had to return a total of $5.8M in combined compensation - that they were entitled to - but that they forfeited simply because they failed to follow the rules and comply with the Sarbanes Oxley laws. Expensive lesson...

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Tags: SOX, Sarbanes-Oxley, SEC, SEC fines

FIFA - Part 3

Posted by Alexa Foxon Mon, Jun 13, 2016 @ 06:19 PM

On June 9th, Big Four auditing firm, KPMG, stepped down as FIFA’s auditing firm after working with them for more than 16 years. KPMG has confirmed its resignation, but declines to comment further.  Many questions have been raised as to why a Big Four auditing firm missed or looked passed so many red flags. FIFA has been in the news a great deal the first half of this year with a new president, uncovered and hidden bonuses to
executives, and internal audit stepping down.

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Tags: KPMG, scandal, Scala, resign, fifa, bonuses, Sarbanes-Oxley, fraud, non-profits, internal control 2013, sox and coso, sox coso framework, coso framework, coso sarbanes oxley

10 Years Ago Enron CEO's were Convicted

Posted by Alexa Foxon Wed, May 25, 2016 @ 02:02 PM

10 years ago today Enron Chairmen and CEO Kenneth Lay and CEO and COO Jeffrey Skilling were convicted.  The top executives at Enron cheated investors and set a negative tone at the top. Enron overvalued assets and used complex accounting gimmicks like overestimating future income and cash flow. The FBI states that to date Enron was the most complex white collar crime investigation they have dealt with. 

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Tags: Enron, Jeffrey Skilling, Enron Scandal, 10 years ago, Sarbanes-Oxley, COSO, COSO 2013, Keep Skilling in Jail, internal control 2013, sox and coso, 2013 coso internal control framework, sox coso framework, fbi, Kenneth Lay, 10 years, coso framework, coso sarbanes oxley

Keep Skilling In Jail - Article & Petition

Posted by Teresa Bockwoldton Tue, Dec 09, 2014 @ 10:07 AM

5 Reasons why YOU should speak out against Jeffrey Skilling’s early jail release.

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Tags: Petition, Enron, Jeffrey Skilling, White Collar Fraud, Enron Scandal, Sarbanes-Oxley, fraud, Keep Skilling in Jail

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

COSO 2013 Tips: How your 10-K language will change....

Posted by Teresa Bockwoldton Fri, May 16, 2014 @ 02:48 PM

Here's a quick tip on how your 10-K language may need to change to represent your compliance with the new COSO 2013 standards / Sarbanes-Oxley. Remember, this is due by 12/15/2014, it is not optional, and if you directly reference the 1992 guidance like most companies do, you will need to make this edit.

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Tags: Sarbanes-Oxley Articles & Information, Accounting Tip of the Day, Securities and Exchange Commission, Sarbanes-Oxley Training, Sarbanes-Oxley, COSO, COSO 2013, SEC

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

COSO 2013 Best Practices - What are they?

Posted by Teresa Bockwoldton Wed, Apr 30, 2014 @ 09:43 AM


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

Sarbanes-Oxley: Whistleblower Protection Extended to Consultants

Posted by Teresa Bockwoldton Fri, Mar 07, 2014 @ 12:37 PM

Now this is interesting. Whistleblower protection laws previously did not apply to contractors so, as a for instance, if and accountant were to find fraud, they could not report it to the SEC or PCAOB without risking a lawsuit for violating their non-disclosure agreement and they were not protected under Section 806 of the Sarbanes-Oxley Act (whistleblower section). This was the reality for all consulting firms. We were essentially required to keep our mouths shut or suffer literally being sued into the ground for trying to “do the right thing.” This was always a concern for us consulting firms because “doing the right thing” is required by the SEC and PCAOB or you could face sanctions that would never allow you to work with a public company again; however, if you did “do the right thing,” then you could literally face losing your business, home, and career for violating your contract with your fraudster customer. This was a serious dilemma.

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Tags: Sarbanes-Oxley Articles & Information, whistleblower policies, Sarbanes-Oxley Training, Sarbanes-Oxley

Sarbanes-Oxley & PCI: What is a 'complex' password?

Posted by Teresa Bockwoldton Tue, Oct 29, 2013 @ 12:02 PM

I found an interesting article from intuit relating to IT General Computer Controls (ITGCC) and what is the definition of a minimum requirement for a password to be accepted as 'complex.' According to the article from Intuit:

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Tags: Sarbanes-Oxley Articles & Information, Accounting Tip of the Day, ITGCC, Sarbanes-Oxley, Internal Control Education, internal control tips