Business Category: Improve Company Governance


Implementing Financial Controls

Implementing Financial Controls

You may be familiar with the COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework for internal control. COSO 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. Continue reading…

How to Reduce SOX Compliance Costs

If you qualify as a non-accelerated filer (i.e., your company’s public float is under $75 million), you’ll have to start complying with Section 404(b) of SOX, which requires company management and independent auditors to sign off on, or attest to, the effectiveness of your risk control framework or accounting policies and procedures for internal control. Are your processes protecting you from the risk of material misstatements (RMM)? Do you know how to control and reduce SOX compliance costs? Continue reading…

How Can You Make Working for Your Parents a Success?

More than one son or daughter of a company founder has been coaxed into the family business in the years before dad’s retirement. Dad wants to back away from the business. “Planning for a graceful exit”, he says. “And”, he continues, “You are the heir to the company business.” Dad says that he realizes that it will take some time to transition out and transition you in. How can you make working for your parents a success? Continue reading…

What Is SOX Corporate Governance?

In the past, we experienced an avalanche in our financial system. Major financial institutions failed to the shock of investors and depositors, and there was such a high level of uncertainty in the financial system that availability of credit had been shut off even to the most highly rated borrowers. What does SOX Corporate Governance have to do with this? Continue reading…

What Business Policies Does Every Company Need?

What drives your customer service? Your policies, of course. Your mission and vision drive your overall company policy, in which you lay out your overall objectives that guide your strategic plan. From there come your sales and marketing plans, your operational plans, and so forth. You might think of your policy as a juncture of internal and external forces. Setting business policy is critical to a thriving company. How you use your business policies defines your governance model for your organization. Weak companies have weak governance models. What do we mean by governance? Continue reading…

What Is an Employee Code of Conduct?

Your Employee Code of Conduct applies to all employees of your organization including officers, directors, and employees of the company and its subsidiaries and affiliates. Your Code of Conduct is a key governance best practice that guides your business policies, procedures, and practices. It is in the best interest of your company and its stakeholders that you adopt and implement a Business Code of Conduct to, among other things, help ensure compliance with standards, laws and regulations applicable to all business activities. Continue reading…