I found an interesting article from intuit relating to IT General Computer Controls (ITGCC) and what is the definition of a minimum requirement for a password to be accepted as 'complex.' According to the article from Intuit:
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Tags: Sarbanes-Oxley Articles & Information, Accounting Tip of the Day, ITGCC, Sarbanes-Oxley, Internal Control Education, internal control tips
The Financial Accounting Standards Board (FASB) and International Account Standards Board (IASB) have proposed that largely all leases be reported on a company's financial statements. The proposal requires that leases be reported on the balance sheet. In the income statement, leases would be recognized under a dual model as either a financing or ratably over the lease term.
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Tags: IASB, best-practice, lease accounting, accounting, FASB
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
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
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
