internal controls

executive with team

When Culture Is the Culprit: Lessons from Toshiba, Hertz and FIFA

The strongest internal controls can be of little consequence if the message employees are hearing from on high is dismissive of them. Internal audit expert Richard Chambers champions an approach that includes auditing the corporate culture -- determining where actual behavior and expected behavior part ways and addressing the disconnect.

risk management

How COSO Destroyed Risk Management

COSO's Enterprise Risk Management Integrated Framework has become something it was never intended to be; as a risk management standard, it fails for at once being too broad (robust risk management programs would be far more effective) and too narrow (in its focus on internal controls as the primary risk management tool). It's time to adopt a multidisciplinary ...


Georgia On My Mind – How Does Compliance Enhance Shareholder Value?

What does the compliance function do to increase shareholder value? It's a question you've no doubt heard before, in some form or another. Tom Fox argues that no company with strong internal controls is run more poorly because of them. No -- in fact, stakeholders are necessarily better off when the company is kept on the ...


The 5 Most Common AML Compliance Program Deficiencies

Anti-money laundering programs can fail for any number of reasons. In Michael Volkov's experience, most failures in AML compliance can be traced back to at least one of five core shortfalls. The planets don't have to be perfectly aligned for an AML program to work well, but it does require a concerted effort, from the top of ...


Who is Really Responsible For Unethical Behavior?

There were some serious systemic issues that allowed two inmates to escape from a New York prison recently. Their prison break unveiled lax internal controls and major ethical lapses on the part of supervisors and management. One key lesson learned from these events: favoritism never bodes well for the many. What are the weaknesses in your ...


Employee Fraud Collusion Puts Companies at High Risk

Half the battle in combating fraud is detecting it early on, and -- as with many white collar crimes -- fraud is rarely carried out by one wayward staff member acting alone. A huge percentage of cases, in fact, are perpetrated by two or more players collaborating together. In order to catch suspicious activity, then, it makes ...

clock zeros

Tips for Those Who Missed the December COSO Deadline

The deadline has passed for implementing the 2013 COSO internal control integrated framework. But if your organization is among the many that have yet to put the new framework in place, don't panic yet. The SEC will be on the lookout for companies operating under the older guidelines, but you likely still have some time to comply. ...


Enterprises Unprepared for New COSO Framework, Study Shows

The deadline for implementation of the 2013 COSO Framework is just around the corner. Tim O'Hara offers us a look into what's remained the same from the 1992 framework and what's changed. Auditors will be taking a closer look at operations where the 2013 iteration parts ways from the 1992 version. Where does your organization stand? ...