Internal Controls over Financial Reporting: Testing with Precision

Posted by Guthrie Chenon June 25, 2014

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:

Read More

Tags: Internal Controls, examples, audit, external audit, precision, misstatement, testing, risk management, reconciliation, material

Controls needed to successfully adopt the new COSO 2013 Framework

Posted by Guthrie Chenon June 13, 2014

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.

Read More

Tags: Internal Controls, examples, controls, audit, SOX, audit committee, COSO, COSO 2013, framework, documentation