The COSO Guidance consists of five elements: (1) Internal Control Environment, (2) Information and communication, (3) Risk Assessment, (4) Monitoring, and (5) Control Activities. I published in the September 2005 Quality Progress, the following article comparing the COSO guidance with...
Posted by
John WalzThursday, September 27, 2007
COSO drafted their Discussion Document on Guidance on Monitoring Internal Control Systems This 52 pages document is available for your review and comments before 31-Oct-07. This guidance elaborates on the 1992 Internal Control —Integrated Framework by COSO.Background: The Internal Control...
AS5, Audit of Internal Control over Financial Reporting (ICoFR) that is integrated with an Audit of Financial Statements, was approved today by the Securities and Exchange Commission on 25-Jul-07 and replaces the PCAOB’s previous internal control auditing standard, AS2. SEC...
U.S. President's Corporate Fraud Task Force put out a Fact Sheet: President’s Corporate Fraud Task Force Marks Five Years of Ensuring Corporate Integrity that states 1,236 total corporate fraud convictions to date, including:214 chief executive officers and presidents; 53 chief financial...
SEC released its final interpretive guidance for management and related rule amendments, as well as a proposed rule seeking comment on the definition of “significant deficiency” with respect to the internal control reporting rules: Interpretive Guidance: Commission Guidance Regarding Management's...
On 24-May-07, The Public Company Accounting Oversight Board (PCAOB) voted to adopt Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements (AS5) to replace the infamous and expensive...
On 4-Apr-07, SEC Commissioners had an open meeting on the many public comments on the proposed changes to Sarbanes-Oxley (SOX) rules and auditing standards. ASQ President, Ronald D. Atkinson, had sent to both the U.S. SEC and PCAOB the consolidated...
Posted by
John WalzSaturday, Febuary 24, 2007
ASQ President, Ronald D. Atkinson, sent to both the U.S. SEC and PCAOB the consolidated comments from ASQ Sarbanes-Oxley (SOX) experts on 23-Feb-07. Mr. Atkinson noted that ASQ recognizes the importance of the Sarbanes-Oxley Act (SOX) to the global economy...
Check out 29-Jan-07 Business Week article Not Everyone Hates SOX, The much maligned new rules are a big hit with investors which makes these points: SOX and related reforms have produced much more reliable corporate financial statements, which investors rely...
Public Company Accounting Oversight Board (PCAOB) announced for public comment on two auditing standards to supersede existing Auditing Standard No. 2 (AS2) on Internal Control over Financial Reporting (ICoFR), and other related proposals. Proposed Auditing Standard - An Audit of...
Posted by
John WalzThursday, December 21, 2006
U.S. Security Exchange Commission (SEC) announced their proposed interpretation and rules for Management on their annual report on Internal Controls over Financial Reporting (ICoFR). This 71 page, double-spaced report requires a “lawyer” review. The SEC interpretation covers: A. The Evaluation...
Posted by
John WalzWednesday, December 13, 2006
Public Company Accounting Oversight Board (PCAOB) has announced an open meeting via webcast for 9:30 a.m. Tuesday, December 19, to consider proposing for public comment a new auditing standard to supersede the Board’s existing auditing standard (Auditing Standard No. 2,...
From NY Times 22-Nov-06, Senator Christopher J. Dodd said he was satisfied with Sarbanes-Oxley, which he played a significant role in drafting. He said he had not yet reached the same conclusions as the Bush administration and some Democrats that...
Posted by
John WalzThursday, November 09, 2006
Jeffrey Thomson, IMA vice president of research & applications development, met with the ASQ SOX Team and Sal Agnello, ASQ Marketing, to discuss how we both can influence U.S. SEC to provide better guidance to executives on improving and assessing...
Posted by
John WalzThursday, October 26, 2006
ASQ just successfully completed its first virtual conference, ASQ’s 2nd Annual Sarbanes-Oxley Conference: Integrated Management Systems in Support of SOX Compliance The three-day virtual conference was managed by Lisa Stanek, ASQ and Sandy Liebesman. The Integrated Management Systems track was...
