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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Maria L. Murphy2022-08-12T12:00:00
Twenty years ago, in the aftermath of the Enron and WorldCom financial reporting scandals, Congress acted and created the Sarbanes-Oxley Act of 2002 (SOX). The legislation led to significant changes in how companies designed and monitored internal controls and how their auditors evaluated them.
There have been many changes in business operations, technology, regulations, and the economy overall since SOX was enacted. Companies’ compliance programs might not have been modified in response or more controls might have been added over time without reconsidering the continued value of controls put in place in prior years. Having and testing too many controls instead of focusing on key controls can lead to unexpected deficiencies in the effectiveness of internal control over financial reporting (ICFR).
Modernizing a SOX program can identify efficiencies and potentially reduce compliance costs while also providing insights to departments outside of accounting and finance. Below are recommendations on how to modernize SOX programs.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2022-08-19T12:00:00Z By Maria L. Murphy
The Public Company Accounting Oversight Board issued its draft five-year strategic plan for public comment. Areas of focus include enhancing audit inspections, strengthening enforcement, and more.
2022-04-20T19:47:00Z By Jaclyn Jaeger
The Public Company Accounting Oversight Board imposed monetary penalties and other sanctions in two unrelated actions for violations of the Sarbanes-Oxley Act and PCAOB rules and standards concerning the use of unregistered accounting firms in conducting issuer audits.
2022-02-24T19:46:00Z By Maria L. Murphy
Two prominent audit committee chairs speak to the results of a Deloitte Center for Board Effectiveness and Center for Audit Quality report on audit committee practices and the major issues audit committees face today.
2024-06-12T01:46:00Z By Kyle Brasseur
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
2024-06-03T17:35:00Z By Kyle Brasseur
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
2024-05-24T16:27:00Z By Jeff Dale
Los Angeles-based bank holding company Broadway Financial Corp. disclosed in a public filing weaknesses discovered in its internal control over financial reporting because of training shortfalls.
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