The Public Company Accounting Oversight Board (PCAOB) is considering making significant changes in two key areas of public company audits.
PCAOB Considers New Auditor's Report, Mandatory Audit Firm Rotation
Posted by
Nancy Johnsonon August 26, 2011
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Tags: PCAOB News & Information
As reported by Accounting Today, a new study highlights the correlation between a strong, independent board and financial reporting integrity in companies that choose non-GAAP reporting measures.
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Internal Control Insights for Execs, Boards at Small Public Companies
Posted by
Nancy Johnsonon August 11, 2011
A recently published survey by global business consulting firm Protiviti offers insight about SOX compliance at public companies with revenues less than $100 million.
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Internal Controls and the Changing Role of Directors and Officers
Posted by
Nancy Johnsonon July 18, 2011
Two lawsuits -- one coming to a close in Australia, the other just beginning in Cincinnati, Ohio -- remind us that public company Directors and Officers (D&Os) are facing greater scrutiny and liability than ever before. They also reinforce how the presence or absence of a company's internal controls -- over financial reporting as well as compensation decisions -- can be used to protect or vilify D&Os in court.
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A recent case of internal fraud at Citgroup begs the question: Should we be criticizing Citi for not having the internal controls in place to prevent the fraud in the first place -- or applauding Citi for noticing the error and taking action on it?
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Tags: Internal Controls, fraud
