Accounts Payables Internal Controls: Signature Example Sheet Available

Posted by Teresa Bockwoldton February 27, 2010

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

SOX 404(b) Reprieve Update: Dems, GOP at odds over financial reform

Posted by Teresa Bockwoldton February 24, 2010

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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Tags: Non-accelerated filer 404(b) information

Compliance Breaking News: FASB Amends Subsequent Events Guidance

Posted by Teresa Bockwoldton February 24, 2010

From a breaking news email I received from PwC today: 

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Tags: Compliance tools, compliance

Sarbanes-Oxley Reprieve for Non-Accelerated Filers: The clock is ticking….

Posted by Teresa Bockwoldton February 24, 2010

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

2/23/10 News on the 404(b) Sarbanes-Oxley Permanent Reprieve - No Vote Yet

Posted by Teresa Bockwoldton February 22, 2010

There hasn't been any action yet in the Senate.

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Tags: Non-accelerated filer 404(b) information