Ever since Congress passed the Sarbanes-Oxley Act in 2002—a response to major accounting scandals at such companies as Enron, WorldCom, Adelphia, Tyco, and others—internal auditors have been wringing their hands over their role in assuring compliance with the complex law.
Here are eight primary steps internal audit teams can apply to assist management and stakeholders throughout the organization to continuously improve accounting, financial reporting, audit, and governance initiatives.
The balanced scorecard is a system used to make sure business operations are aligned with the organization’s mission, vision, and strategy. Since it uses several measures to determine success, it helps those involved to balance what is achieved with how it is achieved. Here's how.
Just 10 percent of companies are prepared to adopt the new Financial Accounting Standards Board (FASB) lease accounting standards, according to a recent report by audit firm Deloitte. And it's not that many companies are just procrastinating.
The fury over the increasing use of non-GAAP accounting measures when companies report earnings is building, and now the Securities and Exchange Commission is weighing in with some guidance on practices that are and aren’t acceptable.
The Securities and Exchange Commission has approved a plan by the Public Company Accounting Oversight Board to require audit firms to disclose the names of audit engagement partners and to provide more information about other firms that participate in audits.
During the past several years that I have covered corporate compliance, auditing, accounting, and other functions that intersect with government regulation the executives and company representatives I've talked to have always chosen their words very carefully.
Last week the Securities and Exchange Commission approved a $258 million budget for the Public Company Accounting Oversight Board. The PCAOB acts as a check on accounting firms that conduct audits of public companies.
This week the Securities and Exchange Commission settled a case with Mass.-based technology company PTC Inc. and its Chinese subsidiaries that could create new imperatives for internal audit practices and assurance of anti-bribery programs.
A group of global investors is hoping that convincing companies to adopt good governance standards—and avoid making decisions that provide a quick pop but don’t support long-term goals—can be a lucrative proposition.