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Why I Am AC Lordi: Steve Lynch

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.
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Are You Up to Speed on the PCAOB’s Latest Hot Topics?

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’s 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.
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What Is the Impact of SOX 404(b) over SOX 404(a)?

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?
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6 Qualities of Great Leaders

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.

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What’s the Difference Between SOX and ERM?

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.

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What You Need to Know About SOX Requirements for Reverse Mergers

For most newly public companies, the Securities and Exchange Commission (SEC) offers relief from certain Sarbanes-Oxley (SOX) requirements allowing time to prepare for the more vigorous aspects of SOX compliance for up to nearly two years. But what if you end up a public company as part of a reverse merger? Can you still get the same relief?

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7 Ways Successful CFOs Avoid Stinking

Being a successful CFO in today’s business environment requires a continuous routine of evaluation and action followed by re-evaluation, adjustments and more action. This continuous routine is one of the most important keys to being successful. I like to compare it to bathing – You need to do it on a regular basis or you’re going to stink. Let’s take a look at seven things successful CFOs do to help them come out smelling like roses.

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How to Avoid 5 Common Errors with Employee Benefit Plans

For years, employee benefit plan audits were considered “busy work” for the summer by many audit firms. Over the last decade and a half, however, they have become recognized as complex audits. There are a great deal of rules to the Employee Retirement Income Security Act of 1974 (ERISA). Failure to comply with these regulations could result in fines, penalties or even loss of qualified status.

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