Recent Issues within the Auditing and Accounting Community

The instructors at Corporate Compliance Seminars are constantly reviewing events and issues for use in our classroom training events. We look at proposed regulations, changes in standards and newly effective regulations. We review books and articles on best practices for internal control, internal audit, assurance services and other accounting and information technology related topics

The following links are provided to information sources that we have found to be useful in our research development efforts.

COSO Releases Update of Internal Control - Integrated Framework for Public Comment

December 19, 2011

COSO has released, for public comment, an updated Internal Control – Integrated Framework (Framework) intended to help organizations improve performance with greater agility, confidence and clarity.

For the details on the update:

COSO Website

For John C. Blackshire, Jr. comments on the update:

Summary of Comments on the draft COSO 2012 Update

Concept Release on Auditor Independence and Audit Firm Rotation

PCAOB Release No. 2011-006 - Dated: August 16, 2011

PCAOB Rulemaking Docket Matter No. 37

Summary: The Public Company Accounting Oversight Board ("PCAOB" or "Board") is issuing a concept release to solicit public comment on ways that auditor independence, objectivity and professional skepticism could be enhanced. One possible approach on which the Board is seeking comment is mandatory audit firm rotation, which is explored in detail in this release. However, the Board seeks advice and comment on other approaches as well. The Board will also convene a public roundtable meeting in March 2012, at which interested persons will present their views.

Additional details about the roundtable will be announced at a later date.

For the details on the rulemaking:

PCAOB Rulemaking Document

Corporate Compliance Seminars recommends the following sources for additional input on this regulatory issue:

Internal Control & CPA Focused Training Seminars

The internal control seminars we present can benefit a variety of attendees:

- Non-accelerated filers who may just be getting their documentation underway for Section 404 compliance,

- Public companies looking to improve their effectiveness and efficiency of their Section 404 compliance,

- Nonprofit organizations, governmental agencies and other groups that want to improve the integration of their governance, risk and compliance (GRC) efforts,

- Executives and Board of Directors members who can gain insights from our "Best Practices" examples to really understand SOX Section 404,

- Anyone finds practical advice from our real-world experience with the implementation of internal controls over financial reporting (ICFR).

The internal audit seminars we present can benefit a variety of attendees:

- The new internal auditor can be oriented to the profession and the work,

- Auditors looking for improvements in their approach and knowledge,

- Professionals looking to improve the content of their workpapers and the impact of audit reports,

- Any organization that desires to improve the effectiveness of their internal audit department,

- Audit Managers looking for education concerning current audit issues,

- Anyone finds practical advice from our real-world experience with internal and external auditing.