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
Tags: audit, SOX, auditing standards, audit committee, best practices, internal audit, IIA, Institute of Internal Auditors, Sarbanes-Oxley, audit scope, Richard Chambers
The PCAOB has released Audit Standard No. 16 - Communications with Audit Committees. This new standard is designed to establishe requirements that enhance the relevance, timeliness, and quality of the communications between the auditor and the audit committee. This new standard supersedes Interim Standards AU sec. 380 (Communication with Audit Committees) and AU sec. 310 (Appointment of the Independent Auditor), the transitional amendments to AU sec. 380, and related amendments to PCAOB standards.
Tags: Internal Controls, PCAOB News & Information, audit, audit committee, PCAOB
Yesterday, the PCAOB issued Staff Audit Practice Alert No. 8: Audit Risks in Certain Emerging Markets, which the PCAOB says "focuses on the risks of misstatement due to fraud that auditors might encounter in audits of companies with operations in emerging markets, auditors' responsibilities for addressing those risks, and certain other auditor responsibilities under PCAOB auditing standards."
Economic pressures and changes caused by SOX have strained the relationship between CFOs and their companies’ audit committees. One way to break the tension – according to a Korn/Ferry International paper highlighted in CFO magazine – is to invite other high level members of the finance organization to audit committee meetings. These staffers might include divisional accounting officers, controllers, treasurers, and chief compliance executives.
Tags: audit committee