Internal Control Deficiency Measurement in 5 Steps

Posted by Teresa Bockwoldton April 13, 2011

An internal control deficiency can be caused by a number of issues but it is primarily defined as an error discovered during internal controls testing (e.g., a payment was coded to utilities when it should have been coded to inventory) or during a review of the internal control evidence (e.g., the internal or external auditors discover the coding mistake rather than management finding it as part of their closing activities).  An internal control deficiency may also occur simply from someone forgetting to execute one of their internal controls entirely.

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Tags: Internal Controls, Compliance tools, risk assessment, audit, SOX, 404 audit, best-practice, Controls Testing, 10k, Product Information, Sarbanes-Oxley Training, compliance, risk management, Sarbanes-Oxley, audit deficiency, Internal Control Deficiency

Internal Controls Prevent Foreign Corrupt Practices Act Issues

Posted by Bill Bockwoldton February 17, 2011

When considering the acquisition of a Foreign entity, it is prudent to review their internal controls for any issues that could be cited under the Foreign Corrupt Practices Act (FCPA). Large fines and increasing enforcement are causing companies to think twice before jumping in to new deals.

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Tags: Internal Controls, segregation of duties, FCPA, risk assessment, Acquisition, Sarbanes-Oxley

Credit Checks as Fraud Prevention

Posted by Bill Bockwoldton February 15, 2011

Hiring a new employee in the finance department at your small-to-medium business?

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Tags: Internal Controls, risk assessment, Sarbanes-Oxley Training, Sarbanes-Oxley

Internal Controls Tools Suite That Can Ease The Management Of Your Accounting & Financial Reporting

Posted by Bill Bockwoldton January 6, 2011

Have you ever wondered how internal controls can benefit your accounting and financial reporting systems? Have you been worrying excessively, recently, concerning the upcoming audit of your company and possible conflicting situations that could arise? Certainly, for a firm in the 21st century proper accounting management is one of the most vital issues, and that's why smaller companies with limited staff resources in this field should make use of up to date technologies to take care of this.  See more via this

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Tags: risk assessment, 404, Vibato Products, 404 audit, audit costs, Product Information, compliance, risk management, Vibato

The SEC's Top 10 Risks: #7. Ineffective Internal or Disclosure Controls

Posted by Teresa Bockwoldton August 10, 2010

This was an excellent article on why it is more important than ever to accurately document your company-specific risk exposure. The SEC Top 10 List of most frequently questioned issues over the last two years includes “Ineffective internal or disclosure controls”, an area that we believe will be receiving even greater scrutiny in light of the recent Sarbanes-Oxley 404(b) exemption for non-accelerated filers.

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Tags: Sarbanes-Oxley Articles & Information, risk assessment, 404, deadline, 404 audit, Non-accelerated filer 404(b) information, compliance, risk management, Sarbanes-Oxley, audit scope, external auditing, Sarbanes-Oxley for Non-Profits