The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more. Join Tom Fox and Matt Kelly in the latest “Compliance into the Weeds” episode as they delve into the world of SOX compliance. Matt shares insights from recent webinars and Cornerstone Research studies on class action lawsuits related to accounting issues in this discussion. At the same time, 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 and the challenges auditors face in verifying their effectiveness. They 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 offering practical tips and strategies for compliance officers and industry professionals!
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 ensure a strong accounting system is really how are you governing software 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 three articles on Radical Compliance
c. PCAOB Inspection Priorities
Tom
