According to the Institute of Internal Auditors (IIA), an effective system of internal controls helps ensure that our organizational processes are functioning properly, that our financial information is reliable, and that we’re in compliance with applicable regulations. Businesses primarily implement internal controls systems to protect themselves from internal fraud and abuse, while many do so with regulatory or standards compliance in mind.

It is interesting to note that, in many cases, the internal control system at many companies consists of volumes of instruction-like procedures that document activities. If a company is taking the time and effort to develop a procedure-based financial control system, it’s worth the additional effort it takes to:

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We have been told repeatedly that there are two things at the heart of the current financial crises. The sub-prime home lending fiasco (with the bad loans then bundled into investment securities) and the credit default swaps that had organizations falling like dominoes once bad mortgage loans started taking some institutions down.

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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.

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Businesses Can Quickly Create A Finance And Treasury Management System Of Internal Controls Using Easily Editable Policies, Procedures, And Forms

St. Louis, MO — March 25, 2008 — Bizmanualz, Inc., a business publications, training and consulting company based in St. Louis, MO, today announced the release of a unique new finance, treasury, and accounting resource designed for business owners, controllers, treasurers and executives interested in utilizing internal controls to improve financial operations compliance.

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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.

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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.

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In recent articles we have discussed several aspects of business finance.  Topics so far have included internal controls, capital planning, and managing working capital. While almost every business pays attention to financial performance, studies show that small and medium sized businesses in particular frequently do not engage in thorough financial planning – if at all. 

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In the past few weeks we have been covering important elements of finance processes, including internal control systems as prescribed by Sarbanes-Oxley, and the importance of capital planning to ensure key high level financial facets such cost of capital and return on assets have established goals and are being measured.

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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?

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In the most recent article, we explained how a clear statement of vision can guide members of the organization. This over-arching statement of principle can add clarity and meaning to regular activities. Now is the time for reviewing vision and mission statements, and as well as reviewing and setting goals and objectives for the coming new year.

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