July 21, 2018

Internal Controls

Will KPMG Join Wells Fargo in its Walk of Shame?

In 2011, Going Concern speculated about potential issues with internal controls at Wells Fargo that prompted the then CFO, Howard Atkins, to abandon ship. Just a little foreshadowing of what is happening to good ol’ Wells this month. If you haven’t been following the news, here’s the scoop: Over the last 5 years a handful […]

Accounting News Roundup: Unholy Vatican Accounting and Deloitte’s Bitcoin ATM | 09.08.16

Vatican accounting Here's an article about Cardinal George Pell, "the pope's finance chief" who hired PwC to audit the Vatican late last year. And if you think your company's/client's books are a mess, you'll thank the Almighty that you don't have to deal with this: Accounting at the Vatican has never followed unified policies. Annual […]

Multi-factor Authentication: Mo’ Factors, Mo’ Problems

The dreaded “access denied” error message. It makes you want to cry, doesn’t it? Not only do you have to change your password every 90 days, but throw in other options for dual factor authentication such as getting a text to your phone or some type of biometric scan… it’s headache central. As I said […]

Tighten Up Privileged Access Now, or Hate Yourself Later

The 2016 Verizon Data Breach Investigations Report (aka: “DBIR”) is out and it isn’t pretty. Where to start…? Maybe by saying that 2015 heralded over 100,000 information security incidents — including 3,141 data breaches. If those numbers are not staggering enough, it’s more unnerving to realize this is the first time I have heard about […]

Man Who Lived Out Fantasy of Screwing Over a Major Airline Sentenced to Six Years in Prison

Paul Anderson, a former Delta Airlines employee, defrauded Northwest and Delta Airlines out of $36 million. In a just world, we would proclaim him a hero who sees the injustice of horrendous business practices and does right by all of us who have been fucked over by an airline. Alas, we live in nation of […]

“Is the CFO’s quitting time after 3 pm?” Coming to an Auditor’s Questionnaire Near You

“If the managers, the C-level and board have good demonstrative behavior, everybody down the line will mimic that,” said Yigal Rechtman, senior manager of forensics and litigation at Grassi & Co., an accounting and business consulting service, at a New York State Society of CPAs’ forensic accounting conference yesterday. “People need to operate by example,” […]

JOBS Act Hasn’t Encouraged as Many Companies to Avoid Sarbanes-Oxley as Some Would Have Hoped

Before the House of Representatives got down with some Audit Integrity whatever whatever, we had the Jumpstarting Our Business Startups Act as an example of Congressional wading into the accounting/auditing regulatory waters. If you need a refresher, the JOBS Act flew through Congress and the got the President's signature last year despite a lot of people saying […]

Wanted: New COSO Chairman

Are you looking for a side project? Do you love internal controls? Could you use some extra beer money? Then chairing the Committee of Sponsoring Organizations of the Treadway Commission may be for you! The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is seeking a new chair for a three-year term that would begin […]

COSO’s Internal Control Framework Update Has Some Material Weaknesses

Oh my God. Last month, COSO released a post-public exposure version of its update of Internal Control – Integrated Framework. In February, George Lucas released Phantom Menace in 3D. Both of these caused nerds to cream their jeans. For Star Wars nerds who work in internal control, 2012 has been better than sex (a comparison […]

You Can Officially Check “Updated COSO Internal Control – Integrated Framework” Off Your Wish List

Another Festivus miracle!  The Committee of Sponsoring Organizations of the Treadway Commission (COSO) – an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence – has released, for public comment, an updated Internal Control – Integrated Framework (Framework) intended to help organizations improve performance with greater agility, confidence and […]