Jesse Jackson Jr. admits to violating campaign finance law, spending funds on things such as a $40,000 Rolex watch and personal travel expenses for a friend. His plea comes in response to a federal investigation which may have led to his resignation from his congressional seat in November 2012. Jackson wife, Sandi Jackson, could also potentially be charged in the case for receiving $5,000 a month as a ‘political consultant’. Depending on the decision of the federal judge, Jackson could be facing probation or possibly prison time.
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Tags: Internal Controls, campaign, congress, Jesse Jackson Jr., campaign finance, risk management, Sarbanes-Oxley, Vibato, fraud, government, federal investigation
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.
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Tags: Internal Controls, PCAOB News & Information, audit, audit committee, PCAOB
The jobs act created a new category of issuer, called an "Emerging Growth" (ECG) company, in the interest of stimulating equity investment in companies by modifying the regulations surrounding registration, capital-raising activities, and compliance requirements. To qualify for this category, a company must have produced less than 1 billion of revenue in it's prior fiscal year (and must not have sold common equity in a registered offering prior to December 8, 2011). A qualifying company would lose ECG status when one of the following occurs:
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- Five years elapse from the IPO date
- Company produces more than 1 billion in gross revenue
- Company issues more than 1 billion in non-convertible debt within a 3-year period
- Company reaches accelerated-filer status (>$700MM public market float)
As an ECG, a company would be exempt from an external audit of their internal controls over financial reporting (SOX 404(b)) as long as they maintain ECG status. This would be a maximum of 5 years from the IPO date if no other conditions specified above are met before that time.
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Tags: Internal Controls, Pre-IPO, 404, SOX, internal control
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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, internal control, Sarbanes-Oxley, Internal Control Education, internal control tips, fraud, Internal Control Deficiency
2 Minute Vlog Accounting Tip of the Day: How to Organize Internal Control Testing Samples
In less than 2 minutes, learn about how to organize internal controls test samples into binders for easy delivery and review by external auditors and stakeholders.
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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, Accounting Tip of the Day, Process Improvement, Internal Control Education, internal control tips
