The COSO Internal Control Framework 2013: What are you Waiting For?

Written by Sargon Youmara, Partner, Vonya Global If more companies knew how easy the migration from the 1992 to 2013 framework can be, fewer would drag their heels. A startling fact: a good many companies that have not migrated to the Committee of Sponsoring Organizations of the Treadway Commission (COSO) 2013 Internal Control Framework were […]

Social Networking Carries Real Compliance Risks

Written by Steven Randall and Veronika Fritz, Partners, Vonya Global Between all the bathing suit selfies and Worldwide Wrestling fan pages, social media seems, well, silly and inconsequential. It becomes less silly when the FDIC or FTC come knocking because they caught you sneaking an ad into your blog post, or an advisor made a […]

Baseline Testing: Benchmarking of Automated Controls

Written by Sargon Youmara, Partner, Vonya Global Baseline testing is a term used in accounting and audit to describe the testing of an automated application control. Once an automated application control has been tested and it is determined by an auditor to be effective, the auditor may conclude that the control remains effective over subsequent […]

New Norms For Reporting Fraud To The SEC

Written by Steven Randall, Partner, Vonya Global Prior to 2013, the Securities and Exchange Commission (SEC) had permitted companies in fraud cases to settle without admitting to any wrongdoing; this meant that even in serious cases of accounting fraud, companies could simply walk away without admitting their malfeasance despite the loss of millions on the […]

Guidelines for Auditing Ethics and Compliance Programs

Written by Steven Randall, Partner, Vonya Global Auditing ethics and compliance programs ensures that an organization “walks the walk.” This is the way any business can safeguard itself against fraud by seeing that the practices that exist in its daily operations match up with the procedures it espouses in its policies and code of conduct. […]

Protecting Customer Data: Five Things You Can Change Now

Written by Steven Randall, Partner, Vonya Global There have been several recent examples of the damage that poor data protection can cause even very powerful companies: just ask Sony, Home Depot, or Target. Trouble protecting consumer data can cost a company more than bad publicity. Lawsuits, fines, and permanent loss of business are all likely consequences […]

Creating a Speak Up Culture

Written by Sargon Youmara, Partner, Vonya Global Research and case studies have proven that a majority of employees do not speak up when they see fraud or misconduct in the workplace. This is true across a spectrum of businesses, even when employees have great IT security, sound internal audit procedures, and other corporate resources to […]

Using Audit to Reduce Costs of Major Construction Projects

Written by Steven Randall, Partner, Vonya Global Organizations involved in major capital projects are missing out on significant opportunities to reduce costs. This is not to say that construction managers are fiscally irresponsible, conversely they are very reluctant to spend money where it is not absolutely necessary. So much so that in an effort to […]

Exhaustive Management Review Control (“MRC”) Testing

Written by Veronika Fritz, Partner, Vonya Global Audit Overkill, CorpGov Necessity, or Value Add? As we have discussed in previous articles, the PCAOB has come down hard on the public accounting firms for the adequacy of internal control testing when conducting the annual financial statement audit at their clients. The result in the current financial […]

Attention Audit Committee: Who Can You Rely On?

Written by Steven Randall, Partner, Vonya Global An article published in the Journal of Accountancy on December 17, 2013 highlighted that the PCAOB is focusing a lot of attention on auditing of internal control over financial reporting. The Center for Audit Quality lists internal control over financial reporting as one of its primary key risk […]