default thumb image

SOX Compliance Software

During the last 5 years, I have been involved with ongoing discussions with organizations regarding the best method to track and monitor the huge amount of Sarbanes Oxley key controls, test results, gap remediation, and overall reporting. Read More

default thumb image

COSO – Monitoring Guidance

In January 2009, COSO published "Monitoring Guidance" to help organizations better monitor the effectiveness of their internal control system, and take corrective action if needed. This has direct implications for ongoing SOX work, so I thought it would be useful to highlight some of the more salient points. Read More

default thumb image

Credit Crisis and SOX

Given the credit crisis and financial turmoil during September and October 2008, it makes me wonder whether all the effort regarding SOX has been effective. In other words, SOX improved safeguards around internal controls, financial reporting, conflict of interests, transparency etc. Therefore, should we have expected the SOX program to have prevented or at least mitigated the financial crisis in the US? Read More

default thumb image

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

default thumb image

C-SOX and it”s impact on Canada

The bankruptcies of Enron in 2001 and Worldcom in 2002 were due, in large part, from financial reporting irregularities. The sheer magnitude of Enron's collapse (Enron had revenues of over $100 billion), the nature of some of their accounting practices, and complicity of other firms who turned a "blind eye" to the questionable transactions, created a crisis in confidence for investors who rely upon the financial statements of publicly traded companies in making investment decisions. Read More