Audit Analytics has released its annual audit fees report, Audit Fees and Non-Audit Fees: A Fifteen Year Trend, which focuses on the audit and non-audit fees paid and disclosed by accelerated and large accelerated filers. A review of non-audit fees … Continue reading
Category Archives: Internal Controls (ICFR – SOX 404)
Adopting the 2013 COSO Framework: Fiscal 2016 Update
By now, every company should be using the COSO 2013 Framework in conjunction with their annual evaluations. In updating last year’s analysis, we discovered otherwise. Although the original version of the framework released in 1992 was superseded by the 2013 … Continue reading
SOX 404 Disclosures: A Thirteen Year Review
The Sarbanes-Oxley Act of 2002 was passed by Congress to better protect investors. Section 404 of this act (SOX 404) requires companies to review their internal controls over financial reporting (ICFR) and declare whether their ICFRs are “effective” or “ineffective”. … Continue reading
Canadian Controls – What is Disclosed and What is Not?
Let’s pretend for a second that Sarbanes-Oxley Act of 2002 (SOX) does not exist; auditing requirements for controls are absent and legislation surrounding disclosures is significantly reduced. Would companies voluntarily report controls information? If so, how detailed would that information … Continue reading
Predicting Material Weakness
Audit Analytics has released a white paper, Predicting Material Weakness, which discusses how certain company events and disclosures—such as late filings, auditor changes, or CEO / CFO departures—can be used to predict the probability that the company will also have … Continue reading
Review Notes – Volume 3
With filing season in full swing, we thought that it would be a nice change of pace to reveal another volume of Review Notes. In this edition we will be focusing on audit opinions that you would mostly read about in … Continue reading
The Impact of SOX on Financial Restatements
With the hint of deregulation in the D.C. air, some sense the opportunity – or risk, depending on your point of view – that major portions of the landmark Sarbanes-Oxley Act of 2002 (SOX) might be open to some revision. … Continue reading