Auditing firms--or, at the very least, their employees--should be rotated from client to client every few years.
New reporting requirements that stock exchanges have ordered in response to high-profile scandals, together with tougher auditing standards under the Sarbanes-Oxley Act, have pushed boards and managers to become far more diligent in reporting accurate financial information.
These conditions -- including restrictions on collaboration with fellow publishers and increased federal auditing and reporting requirements -- will increase publisher expenses and slow their business decisions at the very time when publishers need to become faster, nimbler competitors.
Mr. Madoff's investors will in retrospect kick themselves for not asking more questions, especially about the remarkable consistency of his returns over the years, his apparently fly-by-night auditing shop, and his small trading book despite having so much money under management.
Keep fine-tuning your processes, auditing their use, and always be on the look-out for better solutions.
Round Two is over auditing standards and responsibilities--the regulations governing CPA duties in auditing clients' books.
FORBES: Why Everybody's Jumping On The Accountants These Days
While it might be helpful to have Chinese cooperation in after-the-fact investigations of alleged auditing failures, regular inspections try to head off those failures in the first place.
WSJ: Business Asia: There's No Accounting for China's Accounting
Smaller rivals have claimed that the big firms use auditing as a loss-leader to promote other services.
The company called Saturday's verdict "wrong" and is contemplating an appeal, but at the same time did promise to stop auditing publicly traded companies - pre-empting an official ban that now is a near certainty.
None yet propose the full separation that is needed between auditing and consulting firms, as McCain called for last week, but the bills at least stipulate that public companies should not be allowed to have the same firm do both its auditing and its accounting--a proposal endorsed by more than 70% of those polled by cnn and TIME.
The high-wealth group, housed in the IRS's large- and medium-sized business division, marks a sharpening of the IRS approach to auditing the very wealthy.
In fact, many cloud providers have strict security policies and procedures, and likely adhere to auditing standards such as SAS-70.
FORBES: Cloud Apps Somewhat More Secure Than On-Premises Apps: Survey
In another case, he points to the Chinese security technology firm NSFocus, which had its products analyzed by the code-auditing firm Veracode ahead of offering them internationally.
FORBES: A Better Approach To Huawei, ZTE And Chinese Cyberspying? Distrust And Verify
John Bowmer, Adecco's former chairman who came out of retirement to oversee the re-auditing, complains about the way in which, under such a process, the auditors are in complete control.
Blue Coat's export-auditing system is focused on screening potential buyers before devices are sold, rather than on keeping track of devices once they are deployed, according to people familiar with the company.
WSJ: Blue Coat Acknowledges Syria Used Its Gear for Internet Censorship Amid Arab Spring
To strengthen compliance, Wal-Mart in July brought in U.S. law firm Greenberg Traurig LLP and auditing firm KPMG LLP, the Wal-Mart spokeswoman said.
Shell, Mattel and a number of other major multinationals are now experimenting with innovative third-party auditing processes.
At the second level, bitZino has boldly encroached upon an area that has been dominated by the third-party auditing associations.
FORBES: BitZino And The Dawn Of 'Provably Fair' Casino Gaming
New auditing requirements inspired by the Sarbanes-Oxley act have doubled the cost of preparing a firm's books for the public, according to one executive.
Now they've ramped up training in auditing, ethics and fraud during high-priced seminars where executives attend lectures, role-play and exchange experiences.
Working with auditing firm PricewaterhouseCoopers LLP, an H-P team re-created Autonomy's books.
Under Auditing Standard 5, passed in mid-2007, the audit of internal control over financial reporting is now integrated with the audit of the financial statements.
FORBES: The State of Sarbanes-Oxley Compliance According To Protiviti
Adam Aronson is CEO of Arrowsight, a provider of remote video auditing services for the food processing, quick-serve restaurant and health-care industries.
FORBES: Agroterrorism: Managing Risk In The Food Supply Chain
Still, the university student plans to open source the full application and invite more auditing before making any claims about its fool-proof security.
FORBES: Crypto.cat Aims To Offer Super-Simple Encrypted Messaging
The U.S. Foreign Corrupt Practices Act (FCPA), which came into force in 1977, was unique in criminalizing the bribery of foreign public officials and requiring American companies to meet bribery-related accounting and auditing standards.
The Securities and Exchange Commission and other federal regulators are currently considering revising auditing standards adopted five years ago in the Sarbanes-Oxley Act.
He's also the chief shariah adviser to the accounting and auditing standards organization for the entire shariah compliant finance - financial industry.
However, potential risks include controlling unexpected behavior by these high-tech programs as well as auditing the trading patterns of algorithmic techniques.
FORBES: Higher Algo Trading Volumes Make Nasdaq More Valuable
The other driver: Now that accounting firms are prohibited from selling higher-margin technology consulting services to their auditing clients, auditing units have to pull more of their own weight.
应用推荐