All companies face and manage a variety of risks every day. Some risks are extremely important and others not so much. So how do you know which ones are which? Having a good enterprise or business risk management program helps to identify, measure and prioritize the organization’s risks. This is best done using a defined methodology and with the oversight of senior management and the Board of Directors. Additionally, a good ERM program promotes a common understanding within the organization of the company’s risks and their potential consequences.
When I graduated from the University of Scranton four years ago, I entered a world full of potential. I had the freedom to pursue my goals and explore my passions – I could become whatever I envisioned. But with freedom to explore comes the difficulty of forging a new path forward. I knew that I was headed towards a career in the financial field, and I knew that I didn’t want to end up as another cog going in circles in a giant corporate machine. I wanted to challenge myself and solve problems; to be invested in the results I produced and make an impact I could actually see. Read More “Why I Am AC Lordi: Katie Smart”
For many, selling your company will be the most significant transaction you are a part of in your business career. But it’s a complex process that can be fraught with considerable challenges along the way. Today’s business environment brings even more intense scrutiny from potential buyers, and issues that were once considered minor could now delay a deal or even wreck it altogether. In order to maximize value for their business, more sellers are investing in sell-side due diligence before beginning the actual sales process.
As I send my oldest son into the workforce, I’ve been reflecting on those who shaped my professional journey. Most people, if they’re lucky, have at least one boss that becomes more than a manager; they become a mentor.
Read More “8 Priceless Lessons My First Boss Taught Me”
At age 56 I was ready to move on with my life—away from the corporate grind that had consumed me for the prior 35 years. I had been successful—a partner at a professional services firm, a North American Finance manager at a consumer products firm, running a global benefits call center. My children were grown and out of college. My wife and I began to think about all the things on our bucket list that we’d soon take on. My life was mine to do as I pleased. Work was something in the rear-view mirror.
Read More “Why I Am AC Lordi: Steve Lynch”
As the watchdog for professional services firms that audit public companies, the Public Company Accounting Oversight Board (PCAOB) continues to take on new areas of focus through its inspections. If you thought you were caught up with the PCAOB hot topics for SOX compliance – you may want to think again. It’s never too late to get up to speed on what’s trending though. Here is a brief summary of what our clients at AC Lordi are experiencing.
Read More “Are You Up to Speed on the Latest PCAOB Hot Topics?”
Section 404 of the Sarbanes-Oxley Act is one of the more complicated parts of the legislation. Section 404(a) requires that the management of publicly-held companies assess the effectiveness of their internal control over financial reporting (ICFR). Section 404(b) requires a publicly-held company’s independent auditors to attest to, and report on, the company’s internal control over financial reporting. But what exactly are the differences between 404(a) and 404(b) with regards to requirements and the extent of the effort necessary for compliance?
Read More “What Is the Impact of SOX 404(b) over SOX 404(a)?”
I regularly read content on leadership as I am constantly looking for ways to improve my own skills as a leader. I have a number of people I look to as role models on leadership whose ideas I have integrated into my own philosophy over the years. Here are six qualities I believe are essential to being a great leader along with links to articles for further reading on the topics. These are what I am striving to achieve as a leader each day.
It’s simply a fact that some customers are more profitable than others. Some may even be out-and-out unprofitable. With the powerful tools and information available to us these days, relying on your gut or “how things have always been done” to know which is which is no longer satisfactory.
The Sarbanes-Oxley Act of 2002 (SOX) was enacted on the heels of a number of accounting scandals and acts of corporate malfeasance to provide a variety of regulations for publicly traded companies. In addition, these external factors have driven an increased interest by regulators in Enterprise Risk Management (ERM) to effectively identify, assess and manage risk. Because both of these are risk-based initiatives and part of good corporate governance, we often get questions on exactly how they differ.