internal controls

stopwatch

Enterprises Unprepared for New COSO Framework, Study Shows

The deadline for implementation of the 2013 COSO Framework is just around the corner. Tim O'Hara offers us a look into what's remained the same from the 1992 framework and what's changed. Auditors will be taking a closer look at operations where the 2013 iteration parts ways from the 1992 version. Where does your organization stand? ...

discipline

Discipline and Rigor in Your Internal Controls

Those seeking to abuse the system will find a way to do it, so it's imperative that companies implement strong internal controls and then continually strive to strengthen them further. Make no mistake, detecting and preventing FCPA violations takes discipline, but initiatives and activities undertaken with discipline generally pay off, don't they?

china

Lessons from GSK in China – Internal Controls, Auditing and Monitoring

Take a closer look at GSK's failures in China and they seem so obvious. There are some key lessons for professionals in the compliance space to learn from their significant oversights--namely lacking controls, deficiencies in auditing and a breakdown in monitoring. We should be mindful of the warnings implicit in the GSK enforcement actions.

embezzlement

Fraud and Bribery – They Go Hand in Hand

Bribery doesn't exist in a vacuum. In order for funds to change hands improperly, the bribing party needs access to those funds and a way to disguise how they're truly being used. Meaning: if there's fraud going on in your organization, internal controls are quite possibly lacking and your internal auditing system leaves something to be desired, ...

calculator strip

Mitigating Bribery Risks with Financial Controls

Anti-corruption compliance is not as hard as it looks. In fact, by taking a step back, compliance professionals can gain insights. At the direction of compliance professionals, companies like to develop and adopt compliance policies and procedures. Compliance policies and procedures give the Board, senior managers and the CCO a feeling of comfort.

keyboard

The 10 Most Important FCPA Internal Controls (Part One: Accounting Controls)

Under the FCPA, companies can be punished not only for the wrongful things they do, like paying bribes, but also for certain things they don’t do. In particular, the FCPA’s accounting provisions require companies to have internal controls in place. When companies do not have certain protections, such as appropriate accounting systems and anti-corruption policies, procedures and processes, ...

strong risk management

Tone at the Top: Strong Links for Effective Risk Management

As the saying goes, a chain is only as strong as its weakest link. This adage rings true in many situations. In regard to risk, for example, there are countless points at which various individuals might contribute to the overall strength of an organization’s management of risk. The antithesis of the “it’s-not-my-job” mentality, this mindset is all about a corporate consciousness […]