Compliance into the Weeds SOX Compliance, PCAOB Inspections and Audits
The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Join Tom Fox and Matt Kelly in the latest episode of "Compliance into the Weeds" as they delve into the world of SOX compliance. In this discussion, Matt shares insights from recent webinars and Cornerstone Research studies on class action lawsuits related to accounting issues, while Tom emphasizes the importance of preventing accounting fraud through robust internal control systems.
They shed light on the role of IT controls in ensuring the integrity and security of financial systems, as well as the challenges auditors face in verifying their effectiveness. They go on to discuss how companies can mitigate the risk of fraud by implementing strong access and cybersecurity controls and adapting to new business environments. Don't miss out on this captivating episode which offers practical tips and strategies for compliance officers and industry professionals alike!
Key Highlights
· Current SOX compliance priorities
· The cost of lawsuits involving SOX compliance failures, financial accounting and financial restatements are going up
· 2023 PCAOB inspection priorities
Notable Quotes:
“None of those numbers are going in the right direction for SOX compliance officers.”
“A lot of what SOX compliance is and a lot of what auditors are looking at relates to IT controls.”
“We rely so much on IT now to run the accounting system, the accounts payable, the finance function, a lot of what you need to assure a strong accounting system is really how are you governing software that is running those apps.”
“That, however, assumes that you've got strong cybersecurity and strong access controls around getting into that portal.”
Resources
Matt on LinkedIn
Matt’s 3 articles on Radical Compliance
c. PCAOB Inspection Priorities
Tom
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