SOX Enforcement News: Justice Department & Chinese Companies

Posted by Nancy Johnsonon September 30, 2011

As widely reported on September 29, 2011, the Justice Department has joined the SEC in investigating alleged accounting fraud at Chinese companies listed on U.S. markets. In response, the market punished several Chinese companies listed on the Nasdaq (as much as 23%) which in turn brought the Nasdaq composite down over 1%.

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Tags: SOX & the Justice Department, Compliance in China

Financial Risk Assessment Webinar Available Online

Posted by Nancy Johnsonon September 21, 2011

Our webinar How to Perform a Financial Risk Assessment is now available online. Click here to access the webinar directly.

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Tags: financial risk, Vibato Webinars

Segregation of Duties Analysis Tips Available

Posted by Nancy Johnsonon September 21, 2011

Every compliance audit requires a Segregation of Duties (SOD) analysis. This analysis provides a comprehensive view of which employee positions are performing which finance-related tasks. 

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Tags: segregation of duties

Internal Control Is Common Thread Across News Stories

Posted by Nancy Johnsonon September 16, 2011

Internal controls are often considered a necessary evil by finance executives and board members. And it's true that with so many strategic issues to address, it can be challenging to carve out the time and attention to ensure that internal controls are in place, designed appropriately, and operating effectively.

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Tags: Internal Controls, Compliance in China, PCAOB

Best Practice Internal Control Strategy Still is the Best

Posted by Nancy Johnsonon September 12, 2011

In its September 2011 newsletter, global management consulting firm McKinsey & Company published a snapshot article entitled "Why Best Practice Isn't the Best Strategy."

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Tags: best-practice

CFOs Should Bring Finance Team to Audit Committee Meetings

Posted by Nancy Johnsonon September 7, 2011

Economic pressures and changes caused by SOX have strained the relationship between CFOs and their companies’ audit committees. One way to break the tension – according to a Korn/Ferry International paper highlighted in CFO magazine – is to invite other high level members of the finance organization to audit committee meetings.  These staffers might include divisional accounting officers, controllers, treasurers, and chief compliance executives.

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Tags: audit committee