If you’re not already automating your internal controls, you should be. The cost of the technology has come way down, while its capabilities have increased. Advanced controls automation is now accessible even to smaller organizations, and the return on investment is high, says Perry D. Wiggins, CFO of APQC, in Read More
Effectively managing internal control for business systems is a top priority in order to prevent risks, stop fraud, keep a company secure – and experience clean, cost-effective audits. As the CTO of a security and compliance solutions company, I know companies fear audits – or more aptly, they fear failing them. Read More
The Securities and Exchange Commission has issued an investigative report urging public companies to consider cyber-threats when implementing internal accounting controls.
The Securities and Exchange Commission has announced that Moody’s Investors Service Inc., one of the nation’s largest credit ratings agencies, has agreed to pay a total of $16.25 million in penalties to settle charges involving internal control failures and failing to clearly define and consistently apply credit rating symbols. This marks Read More
Japan’s financial watchdog, the Financial Services Agency, is conducting onsite inspections of the internal audit functions of the country’s regional banks to ensure they are functioning properly. The probe comes after a failure by internal audit at one of the banks, Higashi-Nippon Bank, to identify and stop improper practices, including illegally Read More
(Photo: Audit Report by Nick Youngson CC BY-SA 3.0 ImageCreator) The Center for Audit Quality has issued some much-needed guidance on critical audit matters (CAMs), a new reporting requirement that external auditors will need to start including in their audit reports as early as next year. While the new requirements Read More
Companies are moving to add more automation to their internal controls over financial reporting and plan to increase their investment in automation of ICFR in the next 6-to-18 months, according to a new study. The survey, conducted by the Financial Executives Research Foundation (FERF), found that more than 80 percent Read More
Editor’s Note: This is part two of a six-part series on the Internal Audit Value Chain, which can act as a blue print for building a successful internal audit function. Click here for the other articles in the series. Whenever it comes to talking about internal audit’s role in risk Read More
“Where there’s money, there’s money to steal,” writes Tiffany Couch in a recent article in Accounting Today. The CEO of forensic accounting firm Acuity Forensics says that even after 15 years as a forensic accountant, it never ceases to amaze her that fraudsters think they can get away with their Read More
An internal audit has found some major accounting woes in the City of Brotherly Love. An audit report, released Tuesday by City Controller Rebecca Rhynhart, cites $924 million in accounting errors last year alone. The city is also missing $33 million from its main bank account, a discrepancy that came Read More
