Category Archives: Improve Company Governance

What are Financial Internal Controls?

The Internal Control Procedures Series provides a risk reducing framework of financial internal controls for the ten core accounting cycles — these cycles make up the accounting body of knowledge.  Each financial cycle focuses on a key element of business accounting and, therefore, should be covered in your company’s financial accounting policies and procedures manual. Continue reading What are Financial Internal Controls?

What Is ITIL Information Technology Infrastructure Library?

The ITIL Information Technology Infrastructure Library has been growing in popularity because of its universal suitability as a framework for managing information technology (IT) services, including the infrastructure, development, and operations of an IT department. Continue reading What Is ITIL Information Technology Infrastructure Library?

How to Reduce SOX Accounting 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 to Reduce SOX Accounting Compliance Costs

Financial Mistakes that Put Business at Risk

Mistakes are an inevitable part of running a business. It is a common practice that a business faces a drawback due to an unpredictable financial mistake. Some blame it on ignorance, some on lack of professional guidance, while others are simply trying to find someone to blame. The fact is that 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. Meaning that 80% of business fail within their first year. Continue reading Financial Mistakes that Put Business at Risk

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 Is SOX Corporate Governance?

How to Use a Risk Assessment Matrix for Project Management

96% of startups fail before they get to the ten-year mark, according to Inc.com. In most cases, their failure trickles down to one vital question; what could go wrong? Those who look for answers to this question early enough manage to protect their business from common risks and create the best atmosphere for its growth. Continue reading How to Use a Risk Assessment Matrix for Project Management

Keeping HIPAA Compliance Efforts Up-To-Date

The legislation and implementation of the Health Information Technology for Economic and Clinical Health Act (HITECH) expanded the scope of the Health Insurance Portability and Accountability Act (HIPAA) to reach more organizations. The legislation made it necessary to decipher the HIPAA compliance requirements regardless of whether you’re a doctor, a software developer, or in any other profession. Continue reading Keeping HIPAA Compliance Efforts Up-To-Date