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financial reporting

By Norman D. Marks, CPA, CRMA | 4 Minutes Read July 21, 2021

Talking sense about the audit committee

What are the responsibilities of the audit committee of the board? The audit committee is established by and among the board of directors for the primary purpose of assisting the board in:

Article by Norman D. Marks, CPA, CRMA / Finance and Accounting, Information Technology / audit committee, COSO Internal Control Framework, cyber risk, financial reporting, governance, risk

By Norman D. Marks, CPA, CRMA | 4 Minutes Read May 17, 2017

The risk of material errors in the quarterly financial statements

Audit Analytics has released some interesting statistics on financial restatements and SOX. According to them, in 2015 about 5.3% of companies assessed their internal control over financial reporting (ICFR) as ineffective. This is down from 5.8% in 2014 but otherwise the highest level since 2008. This is the key section of their report.

Article by Norman D. Marks, CPA, CRMA / Business, Finance and Accounting / financial reporting, financial statements

By Occasional Contributors | 3 Minutes Read January 16, 2017

A new front opens in the SOX battle

When potential material weaknesses are discovered during SOX or internal audit testing, my suggestion is to review the issue with the legal function. They can advise the CEO and CFO whether this should be disclosed as part of the Section 302 certification. This new front is clearly starting to open. Don’t let it pull you under.

Article by Occasional Contributors / Business, Finance and Accounting, Information Technology, Privacy / financial reporting, internal audit testing, Sarbanes-Oxley, Sarbanes-Oxley Act, SOX

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