Transcription of review control lens - Deloitte
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review control lens - Deloitte
Refocus your management review control lens Improve your ICFR program by resolving common challengesRefocus your management review control lens|Improve your ICFR program by resolving common challengesRefocus your management review control lensImprove your ICFR program by resolving common challenges to management review controls While anniversaries are usually an opportunity to celebrate and reflect on accomplishments, the Sarbanes-Oxley (SOX) 15-year anniversary this past July did not follow that trend. Instead of celebration, the 15-year reflection was met by several observations from management: The cost of compliance is too high internal control over Financial Reporting (ICFR) programs lack modernization Regulators continue to focus in ICFRWe believe that one driver of the high cost of compliance is the continued challenges related to management review controls (MRCs).
Effective internal controls are also good for business. As Wesley R. Bricker, SEC chief accountant, stated in his December 4, 2017, speech at the 2017 American Institute of Certified Public Accountants (AICPA) Conference on Current SEC and PCAOB Developments:
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