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    1. COSO transition getting a close look from auditors   WebExclusive

    BY Ken Tysiac
    The early stages of implementation are over for many companies using the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).In 2013, the framework—which had been in use since 1992—was updated to reflect changes in the business environment. U.S. public companies have been working to implement the new framework to fulfill their internal control over financial reporting requirements under the Sarbanes-Oxley Act (SOX).COSO will consider the 1992 framework to be superseded following a transition period that ends Dec.

    2. Proposed new guidance outlines 12 principles for internal auditing   WebExclusive

    BY Ken Tysiac
    Proposed changes to guidance followed by internal auditors include a new mission statement and a set of 12 core principles that highlight what effective internal auditing looks like in practice.The Institute of Internal Auditors (IIA) on Monday announced the proposed changes to the International Professional Practices Framework, which is promulgated by the IIA.

    3. How to use COSO to assess IT controls  

    BY John White, CPA/CITP, Ph.D.
    Maintaining proper controls over information technology is a constant concern for businesses as they try to use technological advances to drive efficiency and growth.Principle 11 in the newly updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) provides guidelines for assessing the effectiveness of controls over IT (see the sidebar, “COSO’s Principle 11”).

    4. Alignment is key for internal audit to deliver more value   WebExclusive

    BY Ken Tysiac
    The demands on internal audit have increased significantly in recent years as technology has advanced, regulation has become more rigorous, risks have emerged, and companies have sought more business insights from internal audit teams.“That bar continues to rise,” FedEx Chief Audit Executive Robert King, CPA, said Tuesday during a PwC webcast.

    5. 11 issues that could flare up at the next shareholder meeting   WebExclusive

    BY Ken Tysiac
    U.S. public companies are operating in an environment full of both risk and opportunity as they prepare for their annual shareholder meetings.Cyberthreats, disaster planning, and political and economic unrest are among many factors that make the current climate hazardous for many companies.Although high values in the stock market indicate an environment that has improved significantly—if slowly—since the lowest depths of the global financial crisis, recent dips in the market indicate that volatility still exists.Shareholders are likely to be focused on both the risks and the opportunities in upcoming shareholder meetings, according to Wendy Hambleton, CPA, a partner

    6. Five key defenses against risk   WebExclusive

    BY Ken Tysiac
    When does a company pull the trigger on an acquisition or investment? When is expanding into a new market a prudent choice? And when is the right time to hire additional personnel or change employee benefits?These are among the many questions organizations consider through a lens of strategic opportunities and risks.

    7. Six key risk areas merit attention in 2013 audit cycle   WebExclusive

    BY Ken Tysiac
    Auditing of internal control over financial reporting, a topic that has received a lot of attention from the PCAOB this year, is among the key risk factors for the 2013 audit cycle, according to a new Center for Audit Quality (CAQ) alert.The alert describes six key areas of potential risk in auditors’ work.

    8. Align your controls with COSO’s principles   WebExclusive

    BY Ken Tysiac
    A mapping exercise is one of the most important activities for any organization implementing the updated 2013 internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), experts say.The updated framework includes 17 newly described principles across the five components of internal control that were present in the original, 1992 framework.

    9. Affordable Care Act holds opportunities, challenges for internal auditors   WebExclusive

    BY Ken Tysiac
    Health care regulations associated with the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148, have created new opportunities for internal auditors.But internal auditors may need to get more familiar with PPACA’s provisions to help their organizations understand the risks associated with the law and their organization’s preparedness to mitigate those risks, according to a new report.More than four in 10 (41%) of 428 North American internal audit managers said risks associated with PPACA will be moderately or extremely impactful on their organization, according to the fall “Pulse of the Profession” survey by the Institute of Internal

    10. PCAOB continues focus on audits of internal control over financial reporting   WebExclusive

    BY Ken Tysiac
    The PCAOB maintained its focus on audits of internal control over financial reporting (ICFR) Thursday by issuing its second report in 11 months on the subject. Staff Audit Practice Alert No. 11, Considerations for Audits of Internal Control Over Financial Reporting, discusses application of PCAOB standards to audits of internal control, including discussion of: Auditors’ risk assessment and the audit of internal control.
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