On June 28, 2010, the U.S. Supreme Court issued its ruling in Free Enterprise Fund v. Public Company Accounting Oversight Board (the “PCAOB”).
On October 2, 2009, the SEC announced its final extension of the auditor-attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 for smaller reporting companies. [to read more, click on title above]
The financial close process is one of the most important functions the accounting department performs . . . Standardization of the close process through the use of a checklist promotes efficiency and greater certainty with respect to the accuracy of your accounting . . . [to read more, click on the title above] Submitted by Rachel Polson, Baker Tilly Virchow Krause, LLP; and Abigail Grenfell, Internal Control & Anti-Fraud Experts, LLC.
An important preventive control within the control environment is the company’s employee handbook. The handbook provides written guidance to all employees of the company’s policies and may also contain methods to report violations of the company’s code of conduct or deviations from handbook guidelines. (Click on the title to read more.) – Abigail Grenfell
One of the most important internal controls within the Control Environment is the Company Code of Business Conduct and Ethics (“Code”). Although a Code is required for senior financial officers under Section 406 of the Sarbanes-Oxley Act of 2002 (or the company must disclose its reasons for not adopting a Code), companies should design their Code and disseminate it to all employees, not just the senior financial officers. (read more) – Submitted by Abigail Grenfell, president of Internal Control & Anti-Fraud Experts, LLC
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