BATO and the Team would like to wish you a Happy Thanksgiving!Read More
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.Read More
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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It's an exciting month here at Vibato! Check out new website, CPE events, and informational resources!
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The video touches on what motivates the average person to commit fraud; Pressure, Opportunity, and Rationalization. It also explains how accountability begins at the top level with the actions and attitude of the CEO, Board of Directors, and Audit Committee. Next it moves into suggestions for helping to prevent fraud, such as professional skepticism and training all employees to detect red flags. Last but not least, the video explains the importance of the Internal Auditor, who helps assess fraud risk and test the efficiency of internal controls.
Social media has previously not been an issue when it came to your SEC or other public filings, but that may be changing...
Today The Public Accounting Oversight Board released a proposal to re-organize their official auditing standards. The document is open to public comment, and a meeting was held early this morning to begin the process.
Check out CIO and Co-Founder of Vibato, Teresa Bockwoldt, explaining the best way to deal with a General Ledger Account Change Request.
With new elements of business constantly emerging, controversy arises over what are considered material risks when it comes to financial reporting. The public is beginning to demand that companies disclose liabilities regarding cyber threats and even climate change. Normally these topics are avoided in reports, as they are highly subjective and can sway opinions easily. But this is the first proxy season that shareholders are asking for detailed disclosure on the topics.