Recent Issues concerning Auditing, Internal Control, Compliance, Human Resource and Accounting Communities
The instructors at Corporate Compliance Seminars are constantly reviewing events and issues for use in our classroom training events. We look at proposed regulations, changes in standards and newly effective regulations.
We review books and articles on best practices for internal control, internal audit, assurance services and other accounting and information technology related topics
The following links are provided to information sources that we have found to be useful in our research development efforts.
COSO ERM Framework Update Exposure Period Now Open
June 14, 2016
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has unveiled an update to its Enterprise Risk Management - Integrated Framework and is seeking public comment of the proposal, from June 15 through Sept. 30. The update, Enterprise Risk Management - Aligning Risk with Strategy and Performance, is designed to address the needs of all organizations to improve their approach to managing new and existing risks as a way to help create, preserve, sustain, and realize value
COSO has expanded its website, www.COSO.org, with a section on the Framework update that includes the proposed Framework, survey and comment tools, and FAQs about the project, details of the most significant updates and how to respond to the survey. The site also includes a video that features four members of the Advisory Council addressing the ERM update process and the importance of obtaining input from a variety of risk professionals about the proposed changes. Public comment will be accepted June 15 through Sept. 30, 2016. Written comments on the exposure draft will become part of the public record and will be available on the COSO website through Dec. 31, 2016.
Click here to move to the COSO website for the press release.
2015 Corporate Governance & Compliance Hotline Benchmarking Report
November 2, 2015
NAVEX Global has released a new report: "Corporate Governance & Compliance Hotline Benchmarking Report". This report provides benchmarking metrics for corporate whisleblower hotlines. The 2014 data behind the report was taken from 154,772 hotline connections within 1,138 organizations having 15,032,371 employees.
The significate benchmarks are:
- There were 10.30 calls per 1,000 employees each year,
- Anonymity and Retaliation are major concerns,
- Reporting is dominated by telephone contacts - 78.1% and web reporting - 21.1%,
- Over 80% of the reports warranted an investigation.
Click here to move to the NAVEX website for the report.
Revised COSO 2013 Frameworks Slow Adoption
June 16, 2015
Small public companies in the U.S. are taking more time to adopt the latest corporate safeguards against fraud and reporting errors has been reported by Kimberly S. Johnson in the Wall Street Jounrnal.
Click here to move to The Wall Street Jounrnal website for the article.
ISACA Issues Updated IT Control Objectives for Sarbanes-Oxley
December, 2014
To help executives and information technology (IT) professionals focus on performing an IT assessment for financial reporting controls in line with Sarbanes-Oxley and similar legislation, global IT association ISACA has released IT Control Objectives for Sarbanes-Oxley, 3rd Edition.
Click here to move to the ISACA website for more details and a download for members only.
COSO to Update Enterprise Risk Management - Integrated Framework
October, 2014
In October 2014, The Board of The Committee of Sponsoring Organizations of the Treadway Commission announced a project to update the 2004 Enterprise Risk Management - Integrated Framework (Framework). The Framework is widely accepted and used by management to enhance an organization's ability to manage uncertainty, consider how much risk to accept, and improve understanding of opportunities as it strives to increase and preserve stakeholder value.
Click here to move to the COSO website for more details.
COSO Names A New Chair
June 3, 2013
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) - an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence - has named Robert B. Hirth Jr. as its new Chairman for a three-year term effective today.
Corporate Compliance Seminar's has been in touch with Bob and he is staying abreast of our efforts to provide learnship in training the COSO Community concerning the 2013 Update. He recommends as a starting point reading the "Internal Control - Integrated Framework - Executive Summary - May 2013". This document provides a very high level overview in less than 20 pages.
Click here to move to the COSO website for an automatic download.
COSO 2013 Framework Released
May 14, 2013
The Committee of Sponsoring Organization of the Treadway Commission, "COSO" has released an update to the Internal Control - Integrated Framework: 2013 (Framework) on May 14, 2013.
COSO is providing a free downloadable document that overviews this update from thier point of view. This document "Internal Control - Integrated Framework - Executive Summary - May 2013" provides a very high level overview in less than 20 pages.
Click here to move to the COSO website for an automatic download.
COSO Framework 2013 Update Training Announced
April 18, 2013
The Committee of Sponsoring Organization of the Treadway Commission, "COSO" recently announced an update to the Internal Control - Integrated Framework: 2013 (Framework) which it expects to issue on May 14.
As the leading provider of COSO training, Corporate Compliance Seminars is developing resources, tools, and training to help implement the 2013 Framework. The first training seminar is, COSO 2013: Overview of the Framework, scheduled to debut June 3 in the Chicago Loop.
This six hour course is designed to support an organization's dplanning for implementation efforts and examines how a principles-based approach is designed and contrasts it with the current framework. In addition to the Chicago event, the seminar will be presented more than 40 more times in 2013 at various local venues across the United States.
COSO Framework 2013 Update Release Announced
March 20, 2013
Click here to move to the COSO Website for the full text of the presss release.
COSO to Issue Updated Framework in May
The COSO Board has approved its updated Internal Control - Integrated Framework: 2013 (Framework) and expects to issue it on May 14, 2013. The issuance will also include a volume of Illustrative Tools for Assessing Effectiveness of a System of Internal Control. COSO also expects to issue simultaneously Internal Control over External Financial Reporting: A Compendium of Approaches and Examples, which has been developed to assist users when applying the Framework to external financial reporting objectives.
KPMG's Global Audit Committee Survey
January 20, 2013
Click here to move to the KPMG's Global Audit Committee Survey.
The KPMG Audit Committee Institute ("KPMG") issued a new survey report to provide information about the pressing challenges facing audit committees. KPMG's Global Audit Committee Survey capture the views of 1,800 audit committee members from around the world on a range of issues.
They include:
- Financial reporting and disclosures
- Audit quality
- Oversight of internal and external auditors
- Risk management and crisis readiness
- Emerging technologies
- Audit committee effectiveness
As directors help guide their companies forward in the challenging months ahead, the KPMG survey findings can serve as an important reference for benchmarking current practices, identifying gaps and emerging risks, and sparking fresh conversations about how audit committees and boards are strengthening their oversight and keeping pace in an increasingly complex and fast-changing world.
Observation from 2010 Inspections of Domestic Annually Inspected Firms Regarding Deficiences in Audits of Internal Control over Financial Reporting
December 10, 2012
Click here to move to the PCAOB's List of Board Public Reports.
The Public Company Accounting Oversight Board (the "PCAOB" or the "Board")
is issuing this report to provide information about the nature and frequency of
deficiencies in firms' audits of internal control over financial reporting detected during
the PCAOB's 2010 inspections of eight domestic registered firms that have been
inspected every year since the PCAOB's inspection program began ("firms" or
"registered firms"): BDO Seidman, LLP; Crowe Horwath LLP; Deloitte & Touche LLP;
Ernst & Young LLP; Grant Thornton LLP; KPMG LLP; McGladrey LLP; and
PricewaterhouseCoopers LLP.
Going Concern - Online Accounting and Business Finance Tabloid
January 4, 2013
Click here to move to the Going Concern home page.
Going Concern is an online tabloid covering the worlds of accounting and business finance. The site provides original news and insider analysis of the culture, people, and firms that shape the industry.
COSO Releases Draft of 2013 Internal Control Framework Update
September 18, 2012
Click here to download the COSO 2013 exposure draft documents.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) - an organization providing thought leadership and guidance on internal control, enterprise risk management and fraud deterrence - has released for public comment an exposure draft of its updated documents covering Internal Control Frameworks.
Authored by PwC under the direction of COSO, the following documents are open for comment concerning Internal Control - Integrated Framework:
- Executive Summary
- Framework and Appendices
- Illustrative Tools for Assessing Effectiveness of a System of Internal Control
- Internal Control over External Financial Reporting: A Compendium of Approaches and Examples
PCAOB Adopts Auditing Standard No. 16
August 15, 2012
Click here to download Auditing Standard No. 16 - Communications with Audit Committees.
The Public Company Accounting Oversight Board (PCAOB) is focused on regulating the auditors of organizations that fall under the regulation of the Securities and Exchange Commission (SEC). This standard lays out the their expectations for communications between the external auditor and the audit committee.
The Chairman of the PCAOB stated: "Open lines of communication between auditors and audit committees improve the quality of audits, and the final standard enhances the quality and relevance of those communications."
Information for Audit Committees About the PCAOB Inspection Process
August 1, 2012
Click here
to download the PCAOB Information for Audit Committees About the PCAOB Inspection Process.
The PCAOB Chairman, James Doty, is consistent in expressing his on-going problems with the acceptance of inspection findings by the audit firms under PCAOB regulation. Recently, the PCAOB has released - "Information for Audit Committees about the PCAOB Inspection Process." This report is focused on improving the understanding of the inspection process by audit committees.
The PCAOB Regulator has the following suggestions for audit committee members:
- Have you asked your audit partner to inform you of your audit being selected for inspection?
- Did an inspection find issues with your audit workpapers?
- How did the audit firm respond to the inspection issues?
- What are the quality control issues did the PCAOB have with the audit firm's quality management process.
The three page Executive Summary will give the audit committee member real insight into the agenda of the PCAOB.
IFRS Learning Resources
October 10, 2011
Click here to download a list of some English language IFRS resources available to accounting academicians, students and others. Most of the Internet resources are available without charge (purchased access is indicated).
Important: This list is provided for your convenience only from the IFRS website. Neither the IASB nor the IFRS Foundation has reviewed or approved the contents of any of the information sources cited. It is the responsibility of the user to evaluate the content and usefulness of information.
COSO Releases Update of Internal Control - Integrated Framework for Public Comment
December 19, 2011
COSO has released, for public comment, an updated Internal Control – Integrated Framework (Framework) intended to help organizations improve performance with greater agility, confidence and clarity.
For the details on the update: COSO Website
For John C. Blackshire, Jr. comments on the update: Summary of Comments on the draft COSO 2012 Update
Concept Release on Auditor Independence and Audit Firm Rotation
PCAOB Release No. 2011-006 - Dated: August 16, 2011
PCAOB Rulemaking Docket Matter No. 37
Summary: The Public Company Accounting Oversight Board ("PCAOB" or "Board") is issuing a concept release to solicit public comment on ways that auditor independence, objectivity and professional skepticism could be enhanced. One possible approach on which the Board is seeking comment is mandatory audit firm rotation, which is explored in detail in this release. However, the Board seeks advice and comment on other approaches as well. The Board will also convene a public roundtable meeting in March 2012, at which interested persons will present their views.
Additional details about the roundtable will be announced at a later date.
For the details on the rulemaking: PCAOB Rulemaking Document
Corporate Compliance Seminars recommends the following sources for additional input on this regulatory issue:
Offical PCAOB Press Release
Cooley LLP Comments by Cydney Posner
Journal of Accountancy: PCAOB Opens Discussion on Audit Firm Rotation
CFO Publishing: PCAOB Resurrects Auditor-Rotation Debate
Accounting Today: PCAOB Proposes Mandatory Auditor Rotation
Internal Control & CPA Focused Training Seminars
Corporate Compliance Seminars presents two families of professional continuing education (CPE) seminars:
Internal Control & CPA Focused Training Seminars (Details)
Internal Auditor Focused Training Seminars (Details)
The internal control seminars we present can benefit a variety of attendees:
- Non-accelerated filers who may just be getting their documentation underway for Section 404 compliance,
- Public companies looking to improve their effectiveness and efficiency of their Section 404 compliance,
- Nonprofit organizations, governmental agencies and other groups that want to improve the integration of their governance, risk and compliance (GRC) efforts,
- Executives and Board of Directors members who can gain insights from our "Best Practices" examples to really understand SOX Section 404,
- Anyone finds practical advice from our real-world experience with the implementation of internal controls over financial reporting (ICFR).
The internal audit seminars we present can benefit a variety of attendees:
- The new internal auditor can be oriented to the profession and the work,
- Auditors looking for improvements in their approach and knowledge,
- Professionals looking to improve the content of their workpapers and the impact of audit reports,
- Any organization that desires to improve the effectiveness of their internal audit department,
- Audit Managers looking for education concerning current audit issues,
- Anyone finds practical advice from our real-world experience with internal and external auditing.
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