Two lawsuits -- one coming to a close in Australia, the other just beginning in Cincinnati, Ohio -- remind us that public company Directors and Officers (D&Os) are facing greater scrutiny and liability than ever before. They also reinforce how the presence or absence of a company's internal controls -- over financial reporting as well as compensation decisions -- can be used to protect or vilify D&Os in court.
Internal Controls and the Changing Role of Directors and Officers
Posted by
Nancy Johnsonon July 18, 2011
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A recent case of internal fraud at Citgroup begs the question: Should we be criticizing Citi for not having the internal controls in place to prevent the fraud in the first place -- or applauding Citi for noticing the error and taking action on it?
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Tags: Internal Controls, fraud
SEC Final Rules Give More Reasons to Review Your Internal Controls
Posted by
Nancy Johnsonon July 1, 2011
A little over a month ago, the SEC adopted its Final Rules regarding the Dodd-Frank whistleblower program.
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Tags: Internal Controls, whistleblower policies, Entity Level Controls
Entity-level controls codify the attitudes and behaviors around financial integrity and accuracy within an organization. They reflect the "tone at the top," or how an organization's executives and Board of Directors feel about financial integrity and accuracy, and the policies and procedures in place to support those feelings. For this reason, they provide the foundation for an organization's internal controls over financial reporting.
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Tags: Internal Controls
New Video Posted- Internal Controls Considerations for Nonprofits
Posted by
Teresa Bockwoldton June 3, 2011
Watch to learn about financial repoting concerns that you should consider when implementing internal controls at at non-profit organization.
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On May 24, 2011 at Sonoma Mountain Village, Teresa Bockwoldt spoke on behalf of Vibato, LLC for the North-Bay 2011 Board Member Boot Camp for Non-Profits.
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Tags: Internal Controls, risk assessment, Vibato Products, Sarbanes-Oxley Training, risk management, Vibato
