COSO 2013 Tips: How your 10-K language will change....

Posted by Teresa Bockwoldton May 16, 2014

Here's a quick tip on how your 10-K language may need to change to represent your compliance with the new COSO 2013 standards / Sarbanes-Oxley. Remember, this is due by 12/15/2014, it is not optional, and if you directly reference the 1992 guidance like most companies do, you will need to make this edit.

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Tags: Sarbanes-Oxley Articles & Information, Accounting Tip of the Day, Securities and Exchange Commission, Sarbanes-Oxley Training, Sarbanes-Oxley, COSO, COSO 2013, SEC

Sarbanes-Oxley COSO 2013 Tip: How to Address Principle 10

Posted by Teresa Bockwoldton May 6, 2014

There are 17 Principles discussed in the new COSO 2013 guidance that every public company must demonstrate compliance with by 12/15/2014. 

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Tags: Sarbanes-Oxley Articles & Information, segregation of duties, Sarbanes-Oxley Training, internal control, Sarbanes-Oxley, COSO 2013, Sarbanes-Oxley for Non-Profits

COSO 2013 Best Practices - What are they?

Posted by Teresa Bockwoldton April 30, 2014

Here is a great story about our customers experience with trying to switch from COSO 1992 to COSO 2013.
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Tags: Sarbanes-Oxley Articles & Information, Accounting Tip of the Day, audit, best practices, internal audit, sox compliance, Sarbanes-Oxley, COSO, COSO 2013, corporate governance

Sarbanes-Oxley: Whistleblower Protection Extended to Consultants

Posted by Teresa Bockwoldton March 7, 2014

Now this is interesting. Whistleblower protection laws previously did not apply to contractors so, as a for instance, if and accountant were to find fraud, they could not report it to the SEC or PCAOB without risking a lawsuit for violating their non-disclosure agreement and they were not protected under Section 806 of the Sarbanes-Oxley Act (whistleblower section). This was the reality for all consulting firms. We were essentially required to keep our mouths shut or suffer literally being sued into the ground for trying to “do the right thing.” This was always a concern for us consulting firms because “doing the right thing” is required by the SEC and PCAOB or you could face sanctions that would never allow you to work with a public company again; however, if you did “do the right thing,” then you could literally face losing your business, home, and career for violating your contract with your fraudster customer. This was a serious dilemma.

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Tags: Sarbanes-Oxley Articles & Information, whistleblower policies, Sarbanes-Oxley Training, Sarbanes-Oxley

PCAOB: Disclosure of Engagement Partner & Audit Participants soon??

Posted by Teresa Comcaston December 4, 2013

We learned of this proposal today and we thought our readers would be interested. This change would have an inpact on the financial reporting requirements for all public companies. 

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Tags: Sarbanes-Oxley Articles & Information, audit, 10k, audit scope, PCAOB, SEC