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.

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Corporate scandals in recent years have lead to a flurry of changes in how we conduct business at many levels. The federal government has increased regulations for companies producing financial reports through the Sarbanes-Oxley Act (SOX), and internally many companies have increased the responsibility of the Board of Directors in overseeing the managing executives.

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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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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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Question of the month: Why is a phased approach useful when you are writing policies and procedures for your organization?

Our topics in November revolved around writing policies and procedures.

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Last week we brought up the topic of why we need procedures. While some would answer this question by providing very long lists of reasons why, these lists sometimes aren’t useful. They are too long to really remember and absorb, plus there is too much overlap and redundancy. I, however, listed four very basic reasons that I feel demonstrate why we should develop procedures

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Last week we discussed a little about AS9100. You may have seen other ISO standards too. In fact, ISO standards are in use today by over 600,000 companies, worldwide. So what are they for and what is the real difference between them?

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