Question of the month: Do you understand the meaning of the term “internal controls?”

The internal controls requirement in Sarbanes-Oxley Section 404 has created the most uncertainty and distress in businesses. Frequently those of us involved in office processes are not accustomed to having our work planned and verified to the degree that is common on most factory floors. (more…)

When you hear the phrase “internal control system required by Sarbanes-Oxley (SOX) Section 404,” do you automatically think of policies and procedures?  Simply having accounting policies and procedures does not indicate an internal control system.  Well-written accounting procedures that document well-defined accounting processes, however, are an important component of the internal control system you are building.  (more…)

Using risk management techniques is an important component in creating the internal control required for compliance with Sarbanes-Oxley (SOX) Section 404.  Risk management includes all the activities associated with identifying and reducing risk, as well as coping with negative events should they occur.  Identifying risks and creating systems and safeguards to ameliorate them is one way to create a basic internal control system. (more…)

It has been more than five years since most provisions of the Sarbanes-Oxley Act of 2002 took effect (in mid- 2003). Many publicly traded companies, however, still seem to struggle with developing a confident understanding of compliance. (more…)

We are experiencing an avalanche in our financial system. Major financial institutions are failing to the shock of investors and depositors, and there is such a high level of uncertainty in the financial system that availability of credit has been shut off even to the most highly rated borrowers. (more…)

Question of the Month: How do policies and procedures fulfill requirements of Sarbanes-Oxley and other financial regulations?

This month’s highlight was the release of the Finance Policies, Procedures & Forms manual. Our newest product is the result of a nearly year-long effort of intensive research, writing, editing, and reviewing. The Finance Manual was finally ready for production and shipping last week. We are very pleased with this new product, and the response from our customers, to date, has been tremendous. (more…)

Strengthen compliance, enhance performance, or speed the development of your financial procedures.

Are you still trying to build an internal control system to help you comply with Sarbanes-Oxley (SOX) and other financial regulations? The newest addition to the Bizmanualz Policies, Procedures & Forms product line - the Finance Policies, Procedures & Forms Manual - can provide a big boost in meeting regulatory requirements. (more…)

You may be familiar with the COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework for internal control. We have discussed it in past articles, and it has received significant attention when referenced by the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) as an example of an “internal control” system as required by Sarbanes-Oxley Act (SOX) sections 302 and 404. (more…)

With the implementation of the Sarbanes-Oxley Act (SOX), finance and accounting departments have scrambled in recent years to put in place internal control systems as required by SOX section 404. Compliance with SOX and SEC regulations are certainly good reasons for companies to create an internal control system. Small and medium size business (SMB) owners might wonder, though, how this applies to them or helps improve their business metrics. Perhaps you have a few investors or creditors and need to produce financial statements, but you don’t have to worry about complying with SEC or SOX regulations. Or do you? (more…)

ISO 22000 Food Safety
Policies & Procedures

Establishing policies and procedures for Food Safety Management System (FSMS) issues like hazard analysis, HACCP Plan Management, Food Safety Records, or Receiving and Inspection is now easier than ever using the new ISO 22000 Food Safety Policies, Procedures, & Forms from Bizmanualz. (more…)