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.
Accounting Tip of the Day!
External Network Access Tip:
At times, external users may need to access your secure network (think onsite auditors who may need to use a printer or the like). This presents a Sarbanes-Oxley COBIT compliance problem as well as introducing your network to the potential hazards of a virus or a computer without a firewall. Since it can be very difficult to keep track of internal vs. external devices on your network on a day-to-day basis, we at Vibato and AccountingTemplates.com have come up with a nice solution to help mitigate the risk while providing a solution for companies with limited staff to help manage this problem.
The Securities and Exchange Commission has charged a California based lawyer, Brian Reiss, with selling fraudulent legal opinion letters through his website. These documents were issued to transfer agents on behalf of holders, to lift restrictions on stocks to be freely traded again.
Do organized accountants get to play more?
Anyone interested in investing knows that IPO is a company’s initial public offering- the price they first sell shares for on the stock market. Companies must adhere to federal securities law by registering any transactions with the Securities and Exchange Commission. Here is a general high-level guideline for evaluating the quality, merit, and fairness of a company’s IPO to help you can make educated investments.
Commissioner Luis A. Auiglar from the SEC recently released an article regarding the importance of corporate disclosure at annual shareholder meetings, and the connection between transparency and happy investors.