GOVERNANCE & RISK ASSESSMENTS

The IIA’s Three Lines Model: A Summary

The Institute of Internal Auditors (IIA) has released an update to The Three Lines of Defense Model, now known as the Three Lines Model. Issuance of the new model is both timely and relevant, considering the circumstances surrounding COVID-19 and the anticipated economic/business impact on a prospective basis. The model is based on six key [...]

Hazardous Duty Pay – Avoiding Unnecessary Troubles

Historically, hazardous duty pay has been associated with dangerous military actions, usually in a foreign country, in times of war or peril. Certainly, we’re living in unprecedented times where history seems to be re-written daily, and the enemy now moves swiftly, not only abroad, but here at home in America.  As in any time of [...]

Financial Reporting Implications of COVID-19

As organizations monitor the current and potential effects of COVID-19 on their activities, they should also consider the implications on their year-end financial reporting processes. Specifically, organizations should consider the following areas of concern in preparing financial statements. Risk Assessments: Organizations should evaluate the impact of changing circumstances on their assessments of risks inherent in [...]

Business Impact, Critical Considerations, and Decisive Actions Related to Coronavirus

In America, the business landscape and the lives of Americans are changing by the minute. These landscape changes have a significant impact on American businesses and require critical considerations and decisive actions from business leaders. The impact of the coronavirus outbreak was devastating to both Main Street and Wall Street. These impacts will likely continue [...]

2020-03-26T00:52:51-05:00March 25th, 2020|COVID-19, GOVERNANCE & RISK ASSESSMENTS|

California Expands Independent Contractor ABC Test

Changes to California law involving a worker’s status (independent contractor vs. employee) have gained much attention from companies with operations in California. Before April 2018, a worker’s status was based on a multi-factor test outlined in S.G. Borello & Sons, Inc. vs. Department of Industrial Relations. Last year, the California Supreme Court in Dynamex Operations [...]

2020-01-29T17:58:08-06:00January 29th, 2020|GOVERNANCE & RISK ASSESSMENTS|

The Opportunities of Effective Risk Management

Looking at risk through a more objective lens can help organizations identify and address risks before they become threats. In other words, it may be more advantageous to view risk as an opportunity rather than a problem. Risk Management Basics Effective risk management is a core concern for companies of all sizes – as well [...]

2018-11-12T15:44:55-06:00May 3rd, 2017|GOVERNANCE & RISK ASSESSMENTS|

How to Make Your Audit Committee Set-Up Process Squeaky Clean

When it comes to governance, there are many misconceptions. Consider the myth-or-fact statements below. Fact. Governance practices – such as written policies, a trained and informed board of directors, and strong internal controls – are important for protecting the business and its owners. Myth. Although not a requirement for privately held companies, a knowledgeable and [...]

2018-11-12T15:45:45-06:00February 22nd, 2017|GOVERNANCE & RISK ASSESSMENTS, MARCH 2017|

3 Governance Policies Every Business Should Have in Writing

Publicly traded companies abide by stringent governance practices. This compliance is, in part, due to regulations such as the Sarbanes-Oxley Act of 2002 (SOX). While SOX’s reach does not extend directly to privately held companies, many small and closely held companies have adopted some of its provisions nonetheless. Sometimes referred to as “SOX lite,” these [...]

Risk Management: Avoiding Crisis & Staying Afloat

In general, most of us agree that a back-up plan is worthwhile. It’s universally accepted as fact that most entrepreneurs are comfortable taking risks. But many business owners focus more on the ultimate risk of failure on a macro-level rather than the smaller—but no less devastating—everyday risks. Those typically include property damage, public relation issues, [...]

2018-11-12T15:55:57-06:00June 24th, 2012|DISASTER PREPARATION, GOVERNANCE & RISK ASSESSMENTS|