COSO is coming out with a revision to the famous 'COSO Cube' and they have submitted a draft for public comment. The COSO Cube provides the basis for all internal control infrastructures, including Sarbanes-Oxley implementations, and it gives guidance on how to structure and audit control procedures. PwC participate in the update and they have provided a nice synopsis below of the pending change:
Tags: Internal Controls, SOX, 404 audit, audit scope, COSO, Internal Control Education
We wanted to pose a question to our readers - aside from the perceived investor value added by selecting a Big 4 audit firm (PwC, KPMG, E&Y, or Deloitte), what other value does selecting these large audit firms add over a smaller firm?
Tags: Internal Controls, Sarbanes-Oxley Articles & Information, PCAOB News & Information, audit, audit costs
Internal controls are often considered a necessary evil by finance executives and board members. And it's true that with so many strategic issues to address, it can be challenging to carve out the time and attention to ensure that internal controls are in place, designed appropriately, and operating effectively.
In the wake of embezzlement charges against a San Francisco Giants employee, it appears the 2010 World Series Champions need better defense in their finance department as well as on the baseball diamond.
Tags: Internal Controls, fraud
As reported by Accounting Today, a new study highlights the correlation between a strong, independent board and financial reporting integrity in companies that choose non-GAAP reporting measures.
