With a renewed emphasis in testing with precision on internal controls over financial reporting, it may help to jump the gun and review some of your most complex controls that would fall within scope of an external auditors review. The following definition of ‘testing with precision’ is defined in the following statement via Crowe Horwath LLP:
Tags: Internal Controls, examples, audit, external audit, precision, misstatement, testing, risk management, reconciliation, material
By now, we have all started to become aware that the new COSO 2013 framework MUST be adopted by all publically traded companies by the end of their current fiscal year. There’s a great deal of material out there explaining what needs to be implemented yet, very few of those items (including the documents provided directly from COSO) explain HOW to actually make this implementation happen.
Tags: Internal Controls, examples, controls, audit, SOX, audit committee, COSO, COSO 2013, framework, documentation
Let’s face it, dealing with internal controls from time to time can be a headache and can certainly get out of hand. The power of an organized internal control structure yields a plethora of benefits in terms of cost efficiency, reduced workload, fewer headaches, and happier employees – You know what they say, Organized People Play™.
Tags: Internal Controls, segregation of duties, control reduction, SOX, auditing standards, audit costs, Controls Testing, SOX Compliance Made Simple, internal audit, Process Improvement, software, sox compliance, internal control, Sarbanes-Oxley, Vibato, audit scope, internal control tips
Here's a quick tip on how your 10-K language may need to change to represent your compliance with the new COSO 2013 standards / Sarbanes-Oxley. Remember, this is due by 12/15/2014, it is not optional, and if you directly reference the 1992 guidance like most companies do, you will need to make this edit.
Tags: Sarbanes-Oxley Articles & Information, Accounting Tip of the Day, Securities and Exchange Commission, Sarbanes-Oxley Training, Sarbanes-Oxley, COSO, COSO 2013, SEC
There are 17 Principles discussed in the new COSO 2013 guidance that every public company must demonstrate compliance with by 12/15/2014.
Tags: Sarbanes-Oxley Articles & Information, segregation of duties, Sarbanes-Oxley Training, internal control, Sarbanes-Oxley, COSO 2013, Sarbanes-Oxley for Non-Profits
