Cybersecurity Risk

Cybersecurity Questions for Internal Auditors

Cybersecurity is big news these days and deservedly so, as cybersecurity risks are at an all-time high. Any mention of cyberattacks, cyberthreats, cybersecurity, cyberbreach, cyber-this, or cyber-that, gets immediate headlines. If you think that your company has not been a target of a cyberattack, it likely has, you’re just not aware of it. As an […]

Purchase Commissions

Internal Audit Checklist: Purchase Commissions

In general, the objective of an internal audit is to assess the risk of material misstatement in financial reporting. Material misstatements can arise from inadequacies in internal controls and from inaccurate management assertions. As such, testing the validity of various implicit managerial assertions is a key objective of an internal auditor. While this applies to […]

IPO Readiness

IPO Readiness: A Corporate Governance Perspective

While 2016 was a comparatively slow year for initial public offerings, the expectation for 2017 is much more positive as economies grow stronger. As members in the Private Equity and Investment Banking community know, filing the appropriate paperwork with the SEC is just one step in long process. There are numerous Corporate Governance considerations for […]

Performance Management

Internal Audit Checklist: Performance Management

In general, the objective of an internal audit is to assess the risk of material misstatement in financial reporting. Material misstatements can arise from inadequacies in internal controls and from inaccurate management assertions. As such, testing the validity of various implicit managerial assertions is a key objective of an internal auditor. While this applies to […]

Invoice Processing

Internal Audit Checklist: Invoicing

In general, the objective of an internal audit is to assess the risk of material misstatement in financial reporting. Material misstatements can arise from inadequacies in internal controls and from inaccurate management assertions. As such, testing the validity of various implicit managerial assertions is a key objective of an internal auditor. While this applies to […]

Sales Planning Audit

Internal Audit Checklist: Sales Planning and Target Setting

In general, the objective of an internal audit is to assess the risk of material misstatement in financial reporting. Material misstatements can arise from inadequacies in internal controls and from inaccurate management assertions. As such, testing the validity of various implicit managerial assertions is a key objective of an internal auditor. While this applies to […]

Intellectual Property

Are You Leaving Intellectual Property Dollars on the Table?

Manufacturers work hard to track every piece of finished product; service companies are meticulous about knowing their human capital. But many companies with tight inventories in other areas fail to carefully manage their intellectual property—and that can be a costly error. There are two potential problems with a leaky intellectual property (“IP”) program. First, you […]

Social Media Risks

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 […]

IT Baseline Testing

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 […]

Reporting Fraud to SEC

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 […]