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1. Corporate governance best practices 10 years after SOX   CPEDirect

BY Ken Tysiac
You could hardly go to a Washington hearing related to an accounting or auditing issue this spring without someone singing the praises of the Sarbanes-Oxley Act of 2002 (SOX). At a House subcommittee meeting on accounting and auditing oversight, House Financial Services Committee Chairman Spencer Bachus, R-Ala., said SOX has been successful in preventing some of the challenges it was created to address.

2. AICPA seeks some changes to COSO’s updated framework proposal   WebExclusive

BY Ken Tysiac
The AICPA is suggesting changes to the proposed, updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In a comment letter, the AICPA wrote that the framework will be a valuable resource for practitioners. But the AICPA also described concerns, some of which are similar to those mentioned in the comment letter of the Center for Audit Quality (CAQ), which is affiliated with the AICPA.

3. CAQ seeks more transition guidance in updated internal control framework   WebExclusive

BY Ken Tysiac
The Center for Audit Quality (CAQ) would like the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to provide more transition guidance for users implementing COSO’s updated internal control framework. COSO is updating its 20-year-old internal control framework to provide a fresh, modern approach with explicit advice and implementation guidance.

4. Internal control, revisited   CPEDirect

BY Ken Tysiac
For about 20 years, the popular internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has been like a favorite tool in a craftsman’s shop. Its guidance has held up over time with original components that have been so sound that a large majority of more than 700 stakeholders surveyed supported updating the original 1992 framework, but not conducting a major overhaul.

5. COSO Releases Draft of Updated Internal Control Framework   WebExclusive

An exposure draft released Monday by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) seeks comments on an updated internal control framework designed to help organizations perform with more agility and confidence. COSO set out to update its nearly 20-year-old framework for new technology demands and capabilities, in addition to globalization.

6. PCAOB Proposes Standards for Broker-Dealer Audits and Auditing Supplemental Information   WebExclusive

The PCAOB issued proposed standards for audits of broker-dealer and issuer engagements for public comment Tuesday. The proposals consist of two attestation standards related to the auditor’s examination of compliance reports and review of exemption reports of broker-dealers proposed by the SEC as part of its amendments to the broker-dealer financial reporting rule under Securities Exchange Act of 1934 Rule 17a-5.

7. Expanding Service Organization Controls Reporting  

BY Chris Halterman, CPA
Several prominent internal control breakdowns and increased focus on internal control by regulators, boards of directors and others charged with governance have led to increased demand for attestation reports on controls over subject matter other than financial reporting provided by an independent CPA. Neither Statement on Auditing Standards (SAS) no.

8. ASB Issues Audit Documentation Guidance, Internal Control Standards   WebExclusive

The Auditing Standards Board (ASB) issued the second clarified auditing standard resulting from its clarity project, which aims to make U.S. GAAP easier to understand and apply and gives each standard a principles-based objective. Statement on Auditing Standards Audit Documentation (Redrafted) supersedes AU section 339, Audit Documentation. The standard is expected to be effective for audits of financial statements for periods beginning on or after Dec.

9. CAQ Offers Pointers for Integrated Audits of Internal Control   WebExclusive

The Center for Audit Quality (CAQ) issued a report highlighting lessons learned from section 404 audits of internal control over financial reporting. The nonauthoritative report, designed to help audit firms that have not yet conducted an integrated audit, as well as more experienced firms, identifies 21 practical tips for auditors.

10. AICPA Issues Two Final Standards on Internal Control   WebExclusive

The AICPA’s Auditing Standards Board issued two final standards on internal control. Statement on Standards for Attestation Engagements (SSAE) no. 15, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, converges the standards practitioners use for reporting on a nonissuer’s internal control with the PCAOB’s Auditing Standard no.
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