General Cable Corporate Fined Over $75M for Operating without Proper Internal Control

Posted by Teresa Bockwoldton January 3, 2017

General Cable Corporate was fined more than $75M for "...not having effective programs & internal controls necessary to proactively address corruption risks and accounting errors." Terrible considering it would have cost them <$50K to become compliant using the Vibato program and they would have also been able to experience the benefits of compliance such as more efficient procedures, shorter close duration, balanced workloads, etc...The CEO & CFO also had to return a total of $5.8M in combined compensation - that they were entitled to - but that they forfeited simply because they failed to follow the rules and comply with the Sarbanes Oxley laws. Expensive lesson...

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Tags: SOX, Sarbanes-Oxley, SEC, SEC fines

COSO - Fraud Risk Management Tools

Posted by Alexa Foxon September 29, 2016

COSO has created and provided Fraud Risk Management Tools to help prevent and deter fraud from any company. In 2013, COSO created categories for 17 Principles and Components into 5 sections - Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring. Now COSO has created a fraud management tool for each of the 5 categories. 

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Tags: SOX, fraud prevention, COSO, COSO 2013, framework, fraud, sox coso framework

Controls needed to successfully adopt the new COSO 2013 Framework

Posted by Guthrie Chenon June 13, 2014

By now, we have all started to become aware that the new COSO 2013 framework MUST be adopted by all publically traded companies by the end of their current fiscal year. There’s a great deal of material out there explaining what needs to be implemented yet, very few of those items (including the documents provided directly from COSO) explain HOW to actually make this implementation happen.

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Tags: Internal Controls, examples, controls, audit, SOX, audit committee, COSO, COSO 2013, framework, documentation

The Power of Optimizing Your Internal Controls

Posted by Guthrie Chenon May 26, 2014

Let’s face it, dealing with internal controls from time to time can be a headache and can certainly get out of hand. The power of an organized internal control structure yields a plethora of benefits in terms of cost efficiency, reduced workload, fewer headaches, and happier employees – You know what they say, Organized People Play™.

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Tags: Internal Controls, segregation of duties, control reduction, SOX, auditing standards, audit costs, Controls Testing, SOX Compliance Made Simple, internal audit, Process Improvement, software, sox compliance, internal control, Sarbanes-Oxley, Vibato, audit scope, internal control tips

What does Chobani Yogurt & Sarbanes-Oxley / COSO 2013 have in common?

Posted by Teresa Bockwoldton September 9, 2013

Surprisingly a lot actually – even considering Chobani is a private company!

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Tags: Sarbanes-Oxley Articles & Information, SOX, sox compliance, Sarbanes-Oxley Training, Sarbanes-Oxley, COSO 2013