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

10 Great Investing Tips from the SEC

Posted by Teresa Bockwoldton Wed, Dec 28, 2016 @ 11:52 AM

This is a great email alert that came out today from the SEC:

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Tags: Accounting Tip of the Day, Securities and Exchange Commission, SEC, Investments

SEC Proposed New Rules Regarding Property Disclosures for Mining Registrants.

Posted by Alexa Foxon Thu, Jun 16, 2016 @ 11:59 AM

The SEC recently proposed new rules regarding property disclosures  for mining registrants. Take a look at the details of the rules below:

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Tags: SEC approval, rules, COSO, SEC, accounting, purposed rulings, mining, mining registrants

Top Reasons Form AP is a Step in the Right Direction

Posted by Alexa Foxon Thu, May 12, 2016 @ 01:11 PM

SEC Approves PCAOB, Form AP, on Disclosing Engagement Partner Name

PCAOB rules for disclosing the name of the engagement partner and information about other firms participating in audits have been approved by the SEC. Starting January 31, 2017, auditors will be required to fill out Form AP with the PCAOB disclosing all engagement partners working on public audits and information about other audit firms participating in the audit. This information will be searchable by engagement partner name, audit firm, or public company on a public database. 

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Tags: PCAOB News & Information, external audit, Public Company Accounting Oversight Board, SEC approval, Reputation, auditor, Form AP, Vibato, PCAOB, SEC

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

PCAOB: Disclosure of Engagement Partner & Audit Participants soon??

Posted by Teresa Comcaston Wed, Dec 04, 2013 @ 04:09 PM

We learned of this proposal today and we thought our readers would be interested. This change would have an inpact on the financial reporting requirements for all public companies. 

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Tags: Sarbanes-Oxley Articles & Information, audit, 10k, audit scope, PCAOB, SEC

SEC Charges Florida Woman Behind Ponzi Scheme

Posted by Juliette Gibsonon Fri, Oct 04, 2013 @ 02:15 PM

The SEC charged Jenny Copland of South Florida with defrauding investors in a Ponzi Scheme targeting the local Colombian-American community by telling investors that her company Immigration General Services operated through an investment broker that would invest the money she raised in immigration bail bonds and turn a profit.

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Tags: Securities and Exchange Commission, Ponzi Scheme, fraud, SEC

Failed Audits of China-Based Company Lead to SEC Charges

Posted by Juliette Gibsonon Wed, Oct 02, 2013 @ 02:59 PM

Since our Vibato® Internal Control Suite® tools are available in Mandarin and our products have been being sold in China for several years, we are always interested in news surrounding SEC audits there. It is unfortunate to see a US-based auditing firm failing their clients and helping to continue the negative press China companies often receive while trying to comply with SEC standards. 

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Tags: audit, Securities and Exchange Commission, financial reporting, Compliance in China, SEC, SEC fines, audit deficiency

SEC Investigates Medifast, $200,000 Penalty & Cease-and-Desist Order

Posted by Juliette Gibsonon Tue, Oct 01, 2013 @ 09:41 AM

This is a great article looking at the outcome of a recent SEC investigation into Medifast's financial reporting from 2006 through 2009.  Medifast disclosed, without admitting or denying the SEC's findings, that under the terms of the settlement it has consented to a Cease-and-Desist Order and agreed to pay a $200,000 civil penalty.

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Tags: Internal Controls, audit, 10k, White Collar Fraud, disclosure, SEC, SEC fines, audit deficiency, Internal Control Deficiency

China Based Executives Charged with Fraud and Insider Trading

Posted by Juliette Gibsonon Fri, Sep 27, 2013 @ 11:12 AM

The SEC has charged the former CEO of ChinaCast Education Corporation with stealing tens of millions of dollars from investors and the former president with illegally dumping stock after helping to steal company assets.  Read more here. 

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Tags: Securities and Exchange Commission, fraud, SEC, insider trading