VISTA – SOX Implications

Edelkoort Smethurst Schein CPA's LLP was one of the “early adopters” and began using Microsoft VISTA during October 2007. Read More

C-SOX Cash Receipts Testing

Within the Revenue, Receivables and Receipts processes, the Cash Receipts is the final process, wherein all the hard work throughout the organization comes to fruition - the organization collects cash for goods and services that is has provided. Read More

C-SOX – Testing Accounts Receivable

Similar to the Revenue recognition process, for most companies the $ value of their Accounts Receivable represents one of the largest assets on their Balance Sheets, and accordingly, these amounts are usually very significant / material. Therefore, the SOX Business Process should be carefully reviewed and tested to ensure that no internal control gaps exist that could result in financial reporting misstatements. Read More

Canadian IFRS – Private Companies Update

Canada will be adopting International Financial Reporting Standards (IFRS), effective January 1, 2011. This means that companies, for comparative purposes, will also be required to have their 2010 results reported using IFRS. Read More

Blue Ocean Strategic Plan

“Blue Ocean Strategy” is fairly recent and excellent body of research and knowledge about strategic planning, contained within a book by the same name authored by W. Chan Kim and Renee Mauborgne, professors of strategy and management of INSEAD. Read More

Revenue recognition – C-SOX testing procedures

C-SOX:  RRR Test procedures Revenue recognition has been the area where the majority of accounting misreporting and restatements have occurred. Read More

COSO – Internal Control Integrated Framework

The Canadian Securities Administrators, in their proposed M  52-109 amendments, will require that companies adopt a structured internal control framework such as COSO. Read More

Entity Level Controls – Test Procedures

I have received numerous questions regarding test Entity Level Control testing procedures. I hope this blog is helpful to everyone. Read More

Corporate Governance – Best Practices

Corporate Governance Policies are a component of Entity Level Controls (ELC’s). Corporate governance includes several basic policies that provide assurances to investors, employees and other stakeholders that the business is being managed with sufficient oversight. Read More