Can Internal Controls Help Avoid Corporate Scandals?

A comprehensive objective-setting process with monitoring will significantly reduce the risk of a corporate scandal. Including all aspects of objectives and related risks within the internal control framework at your organization is an excellent way to leveraging compliance to protect your organization from scandal.

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Mitigating Risks Arising from the Boomer “Brain Drain”

The demographics are alarming. Hopefully alarming enough that leaders come our way to help mitigate the risk that significant portions of the collective organizational intelligence walks out the door in the next decade. We need to seize this opportunity to fix what we have always known to be a gaping hole in internal controls; the lack of truly integrated, practiced and demonstrated P&P.

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COSO Principle 17 – Evaluates and Communicates Deficiencies

A strong internal control system is designed to ensure achievement of objectives, or timely notification that objectives will not be achieved which supports management reassessment. The procedures implemented to actuate internal controls are the “blocking and tackling” activities required to achieve objectives. Many procedures are mundane when looked at separately but each is a necessary part of the whole internal control system. As such, there are few activities as important to achieving objectives as evaluating, communicating and addressing deficiencies.

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