May 15, 2013

Our New “Internal Controls Disclosure Handbook”

Spanking brand new. Posted in our “Internal Controls” Practice Area, this comprehensive “Internal Controls Disclosure Handbook” provides a heap of practical guidance about how to deal with Item 308 of Regulation S-K and Rules 13a-14 & 13a-15. This one is a real gem – 61 pages of practical guidance.

COSO Updates Its Internal Controls Framework: Time to Pay Up!

Perhaps not a big a story as the reveal of “The Mother” on “How I Met Your Mother,” but it’s big: COSO issued its updated “Internal Control-Integrated Framework” yesterday. A framework which hadn’t been updated since ’92. This framework is the one most commonly used by companies for designing and implementing their internal controls. This update was authored by PwC, under the direction of the COSO board – and officially takes effect in 2014. Here’s a summary from FEI’s “Financial Reporting Blog.

Here is the Executive Summary and related FAQs. To obtain the actual framework, you have to buy the three new volumes that comprise it from COSO. I know it takes a lot of work to develop a framework and that COSO is not a governmental body, but the fact that folks have to pay for what has become a regulatory framework bothers me. Perhaps I’m still scarred from when FASB’s accounting standards (here’s an example) and the AICPA’s auditing standards (back before the PCAOB was born) also were not free…

The Death of Corporate Reputation: How Integrity Has Been Destroyed on Wall Street

In this podcast, Prof. Jonathan Macey provides some insight into his new book: “The Death of Corporate Reputation: How Integrity Has Been Destroyed on Wall Street,” including:

– Why write this book? How long did it take?
– What is your favorite part of the book?
– Any surprises along the journey of writing it?
– What are the biggest take-aways that public companies can derive from it?

– Broc Romanek