Internal controls

Accounting and financial controllers are some of the hardest-working executives in an organization, but unfortunately they are often overlooked.

The Public Company Accounting Oversight Board released a preview Thursday from its staff about its findings from inspections of audit firms last year ahead of the issuance of its 2019 inspection reports.

Now that U.S. companies have experienced two fiscal quarters in the midst of the novel coronavirus pandemic, quarterly reporting for Q3 doesn’t seem to be getting any simpler, according to a new report from Deloitte.

Finance and accounting teams have had to adapt quickly to transition to executing their day-to-day processes in a dispersed fashion.

The Committee of Sponsoring Organizations of the Treadway Commission has released a new paper offering its views on how blockchain technology can be used with an organization’s internal controls over financial reporting.

The pandemic is introducing changes — potentially significant ones — to the SOX compliance process.

As the world grapples with the escalating impact of the pandemic, a stark realization is now sweeping over accounting and finance teams — they’re the ones who have to figure out how countless uncertainties fit into their reporting and GAAP.

The Securities and Exchange Commission recently voted to exempt many smaller public companies from the Sarbanes-Oxley requirement for auditor attestations of their internal controls over financial reporting, but many companies have been able to bypass those audits anyway.

The Securities and Exchange Commission is exempting filers with less than $100 million in revenue from the requirement for an attestation of their ICFR by an outside auditor.

The American Institute of CPAs will begin offering SOC for Supply Chain, a new assurance framework, this month, to help business clients have more confidence around the viability of their global supply chain in the midst of threats like the coronavirus.