Protecting Your Investment

Investors Beware: Accuracy in Financial Reporting is Not Important

Written by Steven Randall, Partner, Vonya Global The NASDAQ has announced that it is withdrawing their recent proposal requiring listed companies to have an internal audit function. Those who aggressively fought against the proposal are celebrating. Those who supported the proposal are significantly disappointed. Internal Audit is one of the essential pillars of corporate governance. […]

Nasdaq Internal Audit Rule

NASDAQ Internal Audit Requirement

Written by Sargon Youmara, Partner, Vonya Global The NASDAQ is making some changes. Are you ready? The NASDAQ has proposed a rule change similar to a rule implemented by the NYSE soon after the enactment of Sarbanes Oxley. The rule requires all companies listed on the NASDAQ as of June 30, 2013 to establish an […]

Melting Governance

The Board of Directors and Strong Corporate Governance

Why do financial melt-downs and corporate fraud continue to happen? The implementation of effective corporate governance calls for a positive “Tone at the Top” displayed by corporate leaders who behave ethically and ensure that the business is run according to published ethical guidelines. However, among the CFO’s responding to a 2012 Global Fraud Survey by […]

COSO Cube

Changes Are Coming… COSO Internal Control-Integrated Framework

Written by Sargon Youmara, Partner, Vonya Global Introduction – COSO Internal Control-Integrated Framework In 1992, the Committee of Sponsoring Organizations of the Treadway Commission’s (“COSO’s”) Internal Control-Integrated Framework (Framework) introduced a comprehensive internal control framework currently being used by most organizations within the United States and around the world. However, since 1992, many changes have […]

Audit Report with No Exceptions? Three reasons to follow up anyway

“If you perceive that there are four possible ways in which something can go wrong, and circumvent these, then a fifth way, unprepared for, will promptly develop.” That is Murphy’s Law, and unfortunately it applies to internal control environments everywhere. Even when the audit testing has found no exceptions and the financials have been signed, […]

Internal Audit Quality - Fusing Care and Due Diligence with Audit Principles

Internal Audit Quality – Fusing Care and Due Diligence with Audit Principles

“I’m not 39, I’m 23 with 16 Years of Internal Audit Experience” Over Thanksgiving weekend, I celebrated my 39th birthday. The first thing that struck me about hitting 39 was that “39” doesn’t seem nearly as “old” as it did when I was 23 and ready to take on the world (although my body does […]

Compensation Strategies Contribute to Risk

Compensation = Risk

How may compensation structures contribute to risk in organizations? Executives design strategies to lead their corporations toward excellence. In order to be effective these strategies must be communicated, so individual goals and objectives are created to align responsibilities across the organization. These objectives often are tied to monetary rewards for success. Employees, for the most […]

Head in the Sand

Internal Audit Risk Assessment Explained

Written by Sargon Youmara, Partner, Vonya Global Risk assessment is a recurring, systematic process for identifying and evaluating events (i.e., possible risks and opportunities) that could affect the achievement of strategic objectives, positively or negatively.  An Internal Audit risk assessment is an evaluation of risks related to the value drivers of the organization, covering strategic, […]

The finished project

Musings From A Do-It-Yourself Mistake

Written by Steven Randall, Partner, Vonya Global And A Lesson For Chief Audit Executives This was a beautiful weather weekend in Chicago.  The conditions were ideal, mid 80’s temperature, low humidity, and plenty of sunshine.  It was likely one of the best weather weekends Chicago will have this entire year.  It was perfect for enjoying […]