How to Strengthen your Internal Controls

Internal controls are a system of policies and procedures organizations put in place to protect assets and improve operating efficiency. Effective internal controls are critical to accurate financial reporting. A solid system of controls can help prevent, detect and [...]

By |2022-02-03T10:49:55-05:00May 28th, 2021|Categories: Audit, Blog, Internal Audit|Comments Off on How to Strengthen your Internal Controls

What are the Responsibilities of an Audit Committee?

Before you jump headfirst into the year-end financial reporting process, review the role independent audit committees play in providing investors and markets with high-quality, reliable financial information. Recent SEC statement Under Securities and Exchange Commission (SEC) regulations, all public [...]

By |2022-04-26T11:56:50-04:00January 22nd, 2020|Categories: Audit, Blog, Internal Audit|Comments Off on What are the Responsibilities of an Audit Committee?

4 Ideas for Fostering a Partnership Between Internal and External Audit Teams

External audits aren’t required for every business. But whether required or not, they can provide lenders and investors with assurance that your financial statements are free from material misstatement and prepared in accordance with U.S. Generally Accepted Accounting Principles [...]

By |2022-07-11T15:41:48-04:00January 4th, 2019|Categories: Audit, Blog, Internal Audit|Comments Off on 4 Ideas for Fostering a Partnership Between Internal and External Audit Teams

Assessing the Effectiveness of Internal Controls

Strong internal controls can help prevent and detect fraud. That’s why Section 404(a) of the Sarbanes-Oxley Act (SOX) requires a public company’s management to annually assess the effectiveness of internal controls over financial reporting. And Sec. 404(b) requires the [...]

By |2022-04-06T18:50:07-04:00October 19th, 2018|Categories: Audit, Blog, Internal Audit, Sarbanes-Oxley Compliance (SOX), Tax|Comments Off on Assessing the Effectiveness of Internal Controls

Internal Control Testing: What role does sampling play?

Auditors must test the effectiveness of internal controls before signing off on your financial statements. But it’s impossible to analyze every transaction that’s posted to the general ledger, due to time and budget constraints. Instead, auditors select and analyze [...]

By |2022-05-06T10:01:02-04:00April 10th, 2018|Categories: Blog, Internal Audit|Comments Off on Internal Control Testing: What role does sampling play?

Internal Audit vs External Audit

What's the difference between internal and external audit? Here is a simplified comparison: External Audit Internal Audit Greater focus is on financial records Goal is to determine if the financial accounts give a fair reflection of the company’s financial [...]

By |2022-02-16T14:14:00-05:00December 2nd, 2016|Categories: Blog, Internal Audit, Kevin Shives|Comments Off on Internal Audit vs External Audit

Sensiba San Filippo LLP Expands Internal Audit and Sarbanes-Oxley (SOX) Compliance Practice

As a big step in expanding its consulting practice, Sensiba San Filippo (SSF) is pleased to announce that it has acquired The Resultants, Inc. — a boutique-sized firm with a strong reputation in Sarbanes-Oxley (SOX) compliance and internal audit [...]

By |2022-04-14T16:47:52-04:00August 29th, 2016|Categories: Blog, Internal Audit, Sarbanes-Oxley Compliance (SOX)|Comments Off on Sensiba San Filippo LLP Expands Internal Audit and Sarbanes-Oxley (SOX) Compliance Practice

Do You Need an Internal Audit?

What it is and what it can do for your business You have worked hard to develop your business, and your efforts have paid off! Now you have a thriving business. You employ lots of employees, have a wider geographical [...]

By |2022-04-22T11:01:16-04:00January 26th, 2016|Categories: Blog, Internal Audit, Kevin Shives|Comments Off on Do You Need an Internal Audit?

Internal Controls and SOX Compliance

In April 2012, President Barack Obama signed into law the Jumpstart Our Business Startups Act. Meant to encourage initial public offering activity, certain provisions of the act impact the application of Section 404 of the Sarbanes-Oxley Act, which requires [...]

By |2022-07-27T10:33:37-04:00November 1st, 2012|Categories: Blog, Internal Audit, Kevin Shives, Sarbanes-Oxley Compliance (SOX)|Comments Off on Internal Controls and SOX Compliance
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