1. Articles in category: IT Audit

    1-24 of 49 1 2 »
    1. As Sarbanes-Oxley nears 15-year anniversary, ethics fall short | Accounting Today

      The Sarbanes-Oxley Act was signed into law on July 30, 2002 and has led to vast changes in the accounting profession, although not necessarily in corporate ethics. A recent survey by Deloitte found that more than half (52.4 percent) of C-suite and other executives said global corporate ethical behavior has improved since the enactment of SOX. However, only 41.3 percent of execs said their organizations’ global ethics cultures are strong.

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    2. 10 lessons learned in implementing new revenue recognition guidance | Accounting Today

      The rules governing revenue recognition for public and private companies worldwide are changing dramatically starting Jan. 1, 2018. And several recent surveys show that most companies are unprepared. If you have not yet completed your implementation of the new standard — either ASC 606 or IFRS 15 — the following 10 lessons we have learned may help you get a jump start and utilize best practices that RGP, a finance and technology consultancy, and Zuora, which makes rev rec automation software, are seeing while helping companies transition to the new rules. 1. Just do it! Get started and keep up the momentum ...

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    3. Payroll Internal Controls Checklist | CPA Practice Advisor

      Payroll Internal Controls Checklist | CPA Practice Advisor

      No matter the size of the company or how employees are paid, internal controls are a necessity. Here are my suggestions for payroll-related internal controls that can protect you and your data. Separation of duties. With payroll, a separation of duties is a necessity both to lessen the likelihood of potential fraud and to catch unintended errors. For example, HR may be responsible for setting up new employee information, assigning the wage rate and creating the work schedule.

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    4. Troubling Trends Seen in SOX 404 Disclosures

      Troubling Trends Seen in SOX 404 Disclosures

      Sarbanes-Oxley disclosures on management assessment of internal controls over financial reporting are indicating some worrying trends, according to a new report. The report, from the research firm Audit Analytics, found that while the number of adverse disclosures under Section 404 of the Sarbanes-Oxley Act dropped in fiscal year 2015 to 202 disclosures, compared to 228 for fiscal year 2014, the total for 2015 was nonetheless the second highest in the last seven years.

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    5. Accountant Wins Case To Deduct MBA Expenses | CPA Practice Advisor

      Accountant Wins Case To Deduct MBA Expenses | CPA Practice Advisor

      The kids aren’t the only ones getting ready to go back to school. Adults who have already started their careers may be embarking on a graduate degree or trying to brush up on the latest developments in their field. Maybe you’re thinking about furthering polishing your own skills or branching out. Is the cost of the education deductible? The odds are often stacked against it, especially if you’re pursuing an advanced degree.

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    6. Most Companies Unprepared for Revenue Recognition Standard

      The vast majority of companies are not prepared for the major changes in accounting and business operations required by the new revenue recognition standard, according to a new survey. The survey, by PricewaterhouseCoopers and the Financial Executives Research Foundation, found that 78 percent of the financial executives polled said their companies have not yet attempted to even quantify the financial statement impact of the new revenue recognition standard.

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    7. The Biggest Mistake Most Entrepreneurs Make when Implementing Business Controls

      The Biggest Mistake Most Entrepreneurs Make when Implementing Business Controls

      Ever wondered why you're trapped working for your business? Here is the single greatest reason why most entrepreneurs fail when they try to let go of control. When you build a business versus a job, you want your team to have the authority to get tasks done without running everything past you. At the same time, the business needs to make sure that the right things are getting done, at the right time, to produce the right results.

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    8. ISACA Updates IT Control Objectives for SOX Compliance

      ISACA Updates IT Control Objectives for SOX Compliance

      The Information Systems Audit and Control Association has released the third edition of its book IT Control Objectives for Sarbanes-Oxley to help information technology professionals focus on performing an IT assessment for financial reporting controls in line with the Sarbanes-Oxley Act of 2002. The book was originally published in 2004 and has been updated with input and direction from global experts from many organizations, including several accounting and professional firms.

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    9. Public Company Audit Fees Increased 4.5% This Year

      Public Company Audit Fees Increased 4.5% This Year

      Public companies paid on average $7.1 million in audit fees, according to a new survey, representing an increase of 4.5 percent over last year’s audit fees paid. The survey of nearly 400 senior executives, by Financial Executives Research Foundation, a research affiliate of Financial Executives International, and Audit Analytics, found the number of audit hours required for a public audit averaged 17,525, estimated to be an average of $249 per hour.

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    10. SEC Charges Software Co. for Inadequate Internal Controls

      SEC Charges Software Co. for Inadequate Internal Controls

      The Securities and Exchange Commission has sanctioned Scottsdale, Ariz.-based JDA Software Group Inc. for having inadequate internal controls, resulting in misstated revenues. JDA agreed to settle the commission’s charges for a $750,000 penalty. An SEC investigation found that the company failed to properly recognize and report revenue from certain license agreements it sold to customers, because its internal controls failed to consider information needed to determine a critical component of revenue recognition for software companies. Companies must be able to demonstrate this component – known as “vendor specific objective evidence of fair value” or VSOE  ...

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    11. Hackers Breach Hospital Network, Steal 4.5 Million Patient Records

      Hackers Breach Hospital Network, Steal 4.5 Million Patient Records

      A group of hackers, believed to be from China, has breached a large American hospital network, stealing 4.5 million patients' records.

      The target of the attack, Community Health Systems, revealed the breach in a regulatory filing on Monday. The hackers obtained the "patient names, addresses, birthdates, telephone numbers and social security numbers," but no credit card numbers or "medical or clinical information," the company wrote in the filing

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    12. SOC 2 “Plus” – More Opportunities to Demonstrate Your Compliance Efforts | Windham Brannon

      Today’s heavily regulated business environment often requires service organizations to achieve compliance with different security standards and frameworks that may vary across industries. While many businesses have their own IT departments, they may not have the in-house expertise to develop sound business practices and controls to demonstrate the proper corporate governance and compliance, much less for multiple regulations or standards.  While some regulations may afford service organizations the option to self-certify compliance, often times audit firms are engaged to render an independent opinion of the design and operating effectiveness of an IT system’s internal control for a Type ...

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    13. New Competency Framework for Management Accountants Introduced

      New Research Identifies 45 Competency Areas Businesses Value in Finance Professionals CIMA and the AICPA competency map aligns with global business needs Published May 01, 2014 London and New York (May 1, 2014) – Businesses around the world seek enhanced competencies among their finance professionals to better address the challenges and opportunities of today's complex business environment.

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    14. Before Your Clients Run to the Cloud, Remember SOC

      Before Your Clients Run to the Cloud, Remember SOC

      You keep hearing about “the cloud.” You have read articles and attended conference sessions encouraging the use of cloud services. It is clear that the cloud is increasingly becoming a part of our business processes and solutions. Your clients are starting to clue in. This is for good reason. The cloud may enable them to reduce costs, better use their resources and perform more efficiently. As your clients seek cloud services, how are you advising them?

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    15. PCAOB s Franzel Sees Perfect Storm of Internal Control Problems in Audits

      PCAOB s Franzel Sees Perfect Storm of Internal Control Problems in Audits

      Public Company Accounting Oversight Board member Jeanette Franzel described a “perfect storm” of issues that auditors are facing with the internal controls of organizations today during a speech at an auditing conference. “We are currently in a ‘perfect storm’ in the area of internal control over financial reporting, which demands effective action by all participants in the financial reporting and auditing chain,” she said in a speech Wednesday at the Institute of Internal Auditors’ 2014 General Audit Management Conference in Orlando, Fla. Franzel discussed how management, internal auditors and external auditors will be navigating the updated ...

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    16. PCAOB Member Aims to Revamp Audit Inspection Reports

      PCAOB Member Aims to Revamp Audit Inspection Reports

      Public Company Accounting Oversight Board member Jay Hanson said he would like to see the PCAOB change the format of its inspection reports, including reducing the use of terms such as “audit failures.” “I am troubled by the board's use of the term ‘audit failure’ in our reports,” Hanson said in a speech Tuesday at the CBI 10th Annual Pharma/Biotech Accounting & Reporting Congress in Philadelphia.

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    17. Report Shows Increased Risk Management Challenges

      Report Shows Increased Risk Management Challenges

      According to new research, internal business changes intended to address dynamic market shifts have created a more complex risk landscape for businesses around the globe. Making this potential issue worse is that traditional risk management systems have not evolved fast enough to monitor, track and manage today’s intensified risk climate, according to the PwC US Risk in Review report, “Re-evaluating how your company addresses risk.” The survey of 1,940 business executives and risk managers worldwide showed that business risks are rising across the board, with 75 percent of executives reporting increased risks to their business. A majority of ...

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    18. Why Nonprofits Are More Susceptible to Fraud

      Fraud can infect any niche, but with the complexity of nonprofit accounting, the risk of fraud is that much higher. The good news is that you can educate your nonprofit clients on how to recognize the signs. For example: Does their controller tend to drop off invoices to sign at the end of the day? Do they have employees who never take a vacation? Are their financial statements and bank reconciliations always late?

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    1-24 of 49 1 2 »
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