We have just posted a significant amount of FAS 123(R) ASC 718 Compensation - Stock Compensation codification cross reference information to our Codification Tools page.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley, Codification tools
Another very good control to have in the accounts payables process is that employee expense reports should be reviewed and approved by someone who is not the owner of the expense report - this goes for company founders and C-level executives as well. This review needs to be formally documented to pass Sarbanes-Oxley.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley
A very good control to have is that any non-purchase order approved payment requests should have audit support for the approval via an approved check request form, email, or the like.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, Sarbanes-Oxley
Want to save your accounts payable department time and money? Help them perform their job better and faster by providing them with a signature example sheet. This sheet should list the name, title, signature example, and initials example of each person who is authorized to approve payments for your company. This way, the AP Clerk will be able to recognize the approval signature and not have to ask questions or better yet, recognize when the approval signature is not correct and then escalate concerns...
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley
Although the Sarbanes-Oxley, Section 404(b) reprieve failed in the Senate, it will definitely be interesting to see what happens with the vote on the Wall Street Reform Act. Again, just because the reprieve failed, we are still uncertain on the outcome of 404(b) due this year. The vote by the Senate as discussed in this great article from MSNBC.com helps shed some light on what may happen:
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From a breaking news email I received from PwC today:
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Tags: Compliance tools, compliance
Here is the Sarbanes-Oxley non-accelerated filer reprieve reality for fiscal filers with yearend dates between June 15 and December 31. Your auditors are going to expect you to provide them with at least two quarters worth of functioning controls data. They will also expect to be able to go back in time to randomly test at least two quarters worth of data (so just because you give them your test work does not mean that is all they will ask you for. They will ask for other samples in an attempt to uncover any attempts by you to give them only clean examples and they will watch you pull the samples to ensure you do not have the opportunity to fix problems prior to handing over the documentation).
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Tags: Compliance tools, audit costs, Non-accelerated filer 404(b) information
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Join us for a great discussion on things you should consider prior to going public. This discussion is free and open to everyone
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Here is more codification information from the FASB Accounting Standards. Please verify the accuracy of this information prior to relying on it.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley, Codification tools
|
DERIVATIVES |
Accounting Standards |
FASB Codification |
|
Definition |
FAS 133, par. 6, 9 FSPEITF 00-19-2 |
ASC 815-10-15 ASC 825-20 |
|
Scope exceptions |
FAS 133, par. 10 FAS 133, par. 11a EITF 07-5 EITF 00-19 DIG A6 DIG A10 DIG A12 DIG C12 |
ASC 815-10-15 ASC 815-10-15-74 ASC 815-40-15 ASC 815-40 ASC 815-10-55 ASC 815-10-15 ASC 815-10-55-99 thru 110 ASC 815-10-15-39 |
|
Embedded Derivatives |
FAS 133, par. 12, 13, 61 DIG B16
DIG B38 DIG B39 EITF D-109 |
ASC 815-15-25 ASC 815-15-25-42 thru 43, and 815-15-55-13 ASC 815-10-15-107 thru 109 ASC 815-15-25-37 thru 39, and 815-15-55-25 ASC 815-10-S99-3 |
|
HEDGING |
Accounting Standard |
FASB Codification |
|
Eligibility/ Designation |
DIG G2 DIG G13 FAS 133, par. 20c, 28c FAS 133, par. 29 FAS 133, par. 32 FAS 133, par. 40a |
ASC 815-20-55-111 Example 8 ASC 815-20-55-88 Example 4 ASC 815-20-25-94 ASC 815-20-25-15 ASC 815-30-40-1 thru 3 ASC 815-20-25-61 |
|
Hedge effectiveness and ineffectiveness |
FAS 133, par. 68 DIG G20 FAS 133, par. 120c FAS 138 FV Example DIG G7 Method 1 DIG G7 Method 2 DIG G7 Method 3 DIG H8 DIG E7 |
ASC 815-20-25-102 thru 117 ASC 815-20-25-126, 55-209, and 35-33 ASC 815-25-55-53 Example 9 ASC 815-25-55-72 Example 11 ASC 815-30-35-16 ASC 815-30-35-25 ASC 815-30-35-31 ASC 815-35-35 ASC 815-20-35 |
|
OTHER BROAD TRANSACTIONS |
Accounting Standard |
FASB Codification |
|
Transfers |
FAS 140/FAS 166***
FAS 156 |
ASC 860, ***Not yet codified ASC 860-50-35 and 860-50-50-5 |
|
Consolidations |
FIN 46R/FAS 167***
ARB 51 FAS 160 EITF 96-16 EITF 04-5 EITF 85-12 |
ASC 810, ***Not yet codified ASC 810-10 ASC 810-10-65-1 ASC 810-10-25-1 thru 14 ASC 810-20-25-1 thru 20, and 810-20-55-1 thru 16 ASC 810-10-25-15 |
|
Leasing |
FAS 13 FAS 98 EITF 97-10 EITF 01-8 EITF 00-13 |
ASC 840 ASC 840-40 ASC 840-40-55 ASC 840-10-15/55 ASC 360-20-15/55 |
|
Foreign Currency Matters |
FAS 52 EITF D-55 |
ASC 830 ASC 830-10-45-12 and 830-10-55-2 |
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley, Codification tools
Join us for a great discussion on things you should consider prior to going public. This discussion is free and open to everyone.
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Tags: Compliance tools, Announcements, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley
Compliance Tools: How to Properly Review a SAS 70 - the Checklist
So I can't tell you how many times I have asked a client if they have reviewed the SAS 70's of their applicable service providers (ADP, Equity Edge, Wells Fargo, etc.) and I get the old "Yep - reviewed it and even signed the cover to prove it." To which I reply, "OK, so what controls does it tell you that you must have to ensure your product/cash is safe?"
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley
We have a wonderful IT General Computer Control subnet layout example built in the Microsoft program, Visio, available for complimentary download available registration via this link.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley
We have a wonderful IT General Computer Control network diagram example built in the Microsoft program, Visio, available for complimentary download available via this link after registration.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley
We have complimentary codification cross reference cheat sheets to help with compliance with the new financial reporting requirements available for download via registering in the box in the upper right hand corner.
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Tags: Compliance tools, Controls Testing, Product Information, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley, Codification tools, Sarbanes-Oxley for Non-Profits
Here you go gang, more codification information. I hope this is useful and please review it for accuracy before relying on it. This is a link to a nice article about Codification: http://asc.fasb.org/imageRoot/63/6537863.pdf
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Having trouble deciding what to present to your Audit Committee or Board of Directors about your Sarbanes - Oxley efforts for the year?
We have a complimentary Audit Committee / Board of Directors presentation template that could be just the thing to help you out. We here at Vibato are believers that it is easier to get your brain going and edit something that is already drafted then starting from scratch so feel free receive these templates by registering via the registration box in the upper right hand corner.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley
We have a great SOX project conclusion memo available for complimentary download by registering for our complimentary products via the registration box in the upper right hand corner. The idea with this document is to have a project wrap-up memo detailing, at a high-level, what happened with the project and the conclusions reached. An example of some of the discussion topics within the document include:
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One of the requirements as laid out by the Committee of Sponsoring Organization or COSO for the Entity Level control is a whistleblower hotline.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley, Entity Level Controls
We have some codification(tm) cross reference cheat sheets information available to help with compliance with the new financial reporting requirements available for download via this link.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley, Codification tools
We have pre-recorded our webinar series to allow interested parties to view them at their leisure. The eleventh available webinar entitled, "Internal Controls for the Equity & Stock Administration Process" is available for download by clicking on this text.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley
We have pre-recorded our webinar series to allow interested parties to view them at their leisure. The tenth available webinar entitled, "Internal Controls for the AR / Revenue Process for Software Companies " is available for download by clicking on this text.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley
We have a great SOP 97-2 revenue recognition checklist available that is intended for use with each sale made of software; fill the checklist out and it will take you through the revenue recognition issues you may want to consider when recognizing revenue related to sale of software. The checklist is in Microsoft Excel and could be helpful for companies dealing with Sarbanes-Oxley issues or not. Registration is required to receive the checklist. You may download the checklist registering via the registration box in the upper right hand corner.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley
We have pre-recorded our webinar series to allow interested parties to view them at their leisure. The ninth available webinar entitled, "Internal Controls for the Accounts Receivables / Revenue Process" is available for download by clicking on this text.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley
We have pre-recorded our webinar series to allow interested parties to view them at their leisure. The eighth available webinar entitled, "Internal Controls for the Accounts Payables / Purchasing Process" is available for download by clicking on this text.
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Tags: Compliance tools, Controls Testing, Sarbanes-Oxley Training, compliance, Sarbanes-Oxley
