Account reconciliation is an underappreciated control, one which has become increasingly important with the advent of Sarbanes-Oxley (SOX). In the past, when inconsistencies were discovered, a Staff Member could simply create an adjusting entry to ensure that the company financials were accurate. But section 404 of SOX requires a whole new level of diligence. In [...]
Archive for the ‘Risk Management’ Category
The 7 Habits of Highly Effective Balance Sheet Reconciliation
PCI-DSS: What the Chief Compliance Officer Needs to Know
If you’ve tried to consolidate your merchant banking relationships recently, you’ll understand the importance of PCI-DSS, the Payment Card Industry Data Security Standard which regulates how businesses must handle customer credit card data to ensure the privacy of cardholders. Most banks are now charging higher rates to customers who don’t comply with PCI-DSS, and some [...]
