The Power of Optimizing Your Internal Controls

Posted by Guthrie Chenon May 26, 2014

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™.

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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

How to Test Internal Controls in 5 Easy Steps

Posted by Teresa Bockwoldton March 13, 2012
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Tags: Internal Controls, Controls Testing, Internal Control Education, internal control tips, Internal Control Deficiency

Auditors Losing the Right to Audit and What this Means for Your 10Q/K

Posted by Teresa Bockwoldton October 14, 2011

 Google SAS 104-115 and you will find mostly articles by us (Vibato) discussing the need for auditors to pay special attention to internal controls as part of their audit. Why? Because the AICPA & the PCAOB dictates standards that the auditors must adhere to in order to perform their audits. Parts of these requirements include reviewing your internal controls and this applies to ANY COMPANY THAT IS AUDITED – public, private, non-profit; it doesn’t matter. If you are audited, your auditors must look at your internal controls as part of your audit. If you do not have any documented internal controls then be prepared for a higher audit bill because your auditors will have to go looking for internal controls at your company on your dime year-over-year. Moreover, due to independence issues, they are not allowed to share their work with you to use going forward so they will do this work each year and all you will see for it is a higher bill. Period.

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Tags: PCAOB News & Information, financial risk, Accounting Tip of the Day, 404, audit, AICPA, Controls Testing, 10k, Internal Control Education

How long do I Keep my Internal Controls Documentation?

Posted by Teresa Bockwoldton May 29, 2011

We are often asked how long company's must keep their internal controls documentation and when we tell them, we are often met with shocked stares but here is your answer:

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Tags: Internal Controls, financial risk, Controls Testing, personal risk, compliance

5 Steps on Testing Internal Controls

Posted by Teresa Bockwoldton May 13, 2011

Determining a correct sample size is an important first step in your internal controls testing efforts. Below is Vibato's approach to sample size determination, which we've used with great success for years.This approach has been vetted with all Big 4 and most regional external auditing firms. 

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Tags: Internal Controls, Controls Testing, audit scope